‘Hovering mode’: S&P/TSX composite ticks up as market mood stays buoyant | Canada News Media
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‘Hovering mode’: S&P/TSX composite ticks up as market mood stays buoyant

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TORONTO – Canada’s main stock index climbed on Monday amid an “optimistic” late summer mood, while U.S. stock markets also gained.

The S&P/TSX composite index rose 61.78 points to 23,116.39.

In New York, the Dow Jones industrial average was up 236.77 points to 40,896.53. The S&P 500 index increased 54.00 points to 5,608.25, while the Nasdaq composite closed 245.05 points higher at 17,876.77.

Monday’s gains marked an extension of sorts.

“Today is just a continuation of the generally optimistic market conditions we’ve seen in the last week or so,” said Les Stelmach, a portfolio manager at Franklin Templeton Canada.

The sunny outlook follows a sharp drop in early August that saw equities markets plunge briefly as investors got jittery after shaky jobs data out of the United States. Much of the losses have been gained back since then.

“We had that one-day Monday market panic a couple of weeks ago. Thankfully those of us in Canada were on holiday anyway,” he said.

“Since then the market seems to be evening out. There’s been strength across many different industries.”

The Bank of Canada has already cut its main interest rate twice since June, with a quarter-point cut to 4.5 per cent last month that followed one the same size in June. South of the border, markets are pricing in one to three interest rate cuts this year, Stelmach said.

“I certainly wouldn’t want to say that the U.S. looks to Canada for leadership on interest rate matters, but it is a signal — and probably greases the wheels a little bit.”

More broadly, angst around the outcome of the U.S. election continues to loom over market activity.

“People are maybe in a bit of a hovering mode as we await the U.S. election in November,” he said.

The S&P 500 rallied one per cent for its eighth straight gain, clinching its longest winning streak since November.

The Nasdaq composite jump of 1.4 per cent found momentum after Advanced Micro Devices said it would buy ZT Systems, a supplier in the cloud computing and artificial-intelligence industries, in a cash-and-stock deal valued at $4.9 billion. The chip company’s stock rose 4.5 per cent.

AI chip company Nvidia was the single strongest force pushing the S&P 500 upward after it rose 4.4 per cent. It’s clawed back most of its sharp losses from earlier in the summer, which were triggered by worries investors sent its stock price too high amid their frenzy around AI.

North of the border, a boost in the TSX’s financial segment also saw stocks “playing some catch-up,” Stelmach said.

“The banks are starting to show some signs of life.”

The energy sector sagged slightly on Monday, but the sector was trading eight per cent higher on average than two weeks earlier.

Last week, Tourmaline Oil Corp. announced a $1.3-billion deal to snap up natural gas producer Crew Energy Inc., reinvigorating energy stocks as the largest player in Alberta’s Deep Basin — a prominent gas-producing area — continued a years-long expansion.

“The deal was good not just for Tourmaline, but it kind of seemed to reignite some interest in the Canadian oil and gas space,” Stelmach said.

“Companies that were not at all involved in that deal were all stronger last week — not just natural gas producers but even energy producers in general, crude oil producers.”

The October crude oil contract was down US$1.88 at US$73.66 per barrel on Monday, but the September natural gas contract was up 12 cents at US$2.24 per mmBTU.

The December gold contract was up US$3.50 at US$2,541.30 an ounce and the September copper contract was up four cents at US$4.18 a pound.

The Canadian dollar traded for 73.25 cents US compared with 72.96 cents US on Friday.

This report by The Canadian Press was first published Aug. 19, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

— With files from The Associated Press.

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Bad traffic, changed plans: Toronto braces for uncertainty of its Taylor Swift Era

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TORONTO – Will Taylor Swift bring chaos or do we all need to calm down?

It’s a question many Torontonians are asking this week as the city braces for the arrival of Swifties, the massive fan base of one of the world’s biggest pop stars.

Hundreds of thousands are expected to descend on the downtown core for the singer’s six concerts which kick off Thursday at the Rogers Centre and run until Nov. 23.

And while their arrival will be a boon to tourism dollars — the city estimates more than $282 million in economic impact — some worry it could worsen Toronto’s gridlock by clogging streets that already come to a standstill during rush hour.

Swift’s shows are set to collide with sports events at the nearby Scotiabank Arena, including a Raptors game on Friday and a Leafs game on Saturday.

Some residents and local businesses have already adjusted their plans to avoid the area and its planned road closures.

Aahil Dayani says he and some friends intended to throw a birthday bash for one of their pals until they realized it would overlap with the concerts.

“Something as simple as getting together and having dinner is now thrown out the window,” he said.

Dayani says the group rescheduled the gathering for after Swift leaves town. In the meantime, he plans to hunker down at his Toronto residence.

“Her coming into town has kind of changed up my social life,” he added.

“We’re pretty much just not doing anything.”

Max Sinclair, chief executive and founder of A.I. technology firm Ecomtent, suggested his employees avoid the company’s downtown offices on concert days, saying he doesn’t see the point in forcing people to endure potential traffic jams.

“It’s going to be less productive for us, and it’s going to be just a pain for everyone, so it’s easier to avoid it,” Sinclair said.

“We’re a hybrid company, so we can be flexible. It just makes sense.”

Swift’s concerts are the latest pop culture moment to draw attention to Toronto’s notoriously disastrous daily commute.

In June, One Direction singer Niall Horan uploaded a social media video of himself walking through traffic to reach the venue for his concert.

“Traffic’s too bad in Toronto, so we’re walking to the venue,” he wrote in the post.

Toronto Transit Commission spokesperson Stuart Green says the public agency has been working for more than a year on plans to ease the pressure of so many Swifties in one confined area.

“We are preparing for something that would be akin to maybe the Beatles coming in the ‘60s,” he said.

Dozens of buses and streetcars have been added to transit routes around the stadium, and the TTC has consulted the city on potential emergency scenarios.

Green will be part of a command centre operated by the City of Toronto and staffed by Toronto police leaders, emergency services and others who have handled massive gatherings including the Raptors’ NBA championship parade in 2019.

“There may be some who will say we’re over-preparing, and that’s fair,” Green said.

“But we know based on what’s happened in other places, better to be over-prepared than under-prepared.”

Metrolinx, the agency for Ontario’s GO Transit system, has also added extra trips and extended hours in some regions to accommodate fans looking to travel home.

A day before Swift’s first performance, the city began clearing out tents belonging to homeless people near the venue. The city said two people were offered space in a shelter.

“As the area around Rogers Centre is expected to receive a high volume of foot traffic in the coming days, this area has been prioritized for outreach work to ensure the safety of individuals in encampments, other residents, businesses and visitors — as is standard for large-scale events,” city spokesperson Russell Baker said in a statement.

Homeless advocate Diana Chan McNally questioned whether money and optics were behind the measure.

“People (in the area) are already in close proximity to concerts, sports games, and other events that generate massive amounts of traffic — that’s nothing new,” she said in a statement.

“If people were offered and willingly accepted a shelter space, free of coercion, I support that fully — that’s how it should happen.”

This report by The Canadian Press was first published Nov. 13, 2024.



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‘It’s literally incredible’: Swifties line up for merch ahead of Toronto concerts

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TORONTO – Hundreds of Taylor Swift fans lined up outside the gates of Toronto’s Rogers Centre Wednesday, with hopes of snagging some of the pop star’s merchandise on the eve of the first of her six sold-out shows in the city.

Swift is slated to perform at the venue from Thursday to Saturday, and the following week from Nov. 21 to Nov. 23, with concert merchandise available for sale on some non-show days.

Swifties were all smiles as they left the merch shop, their arms full of sweaters and posters bearing pictures of the star and her Eras Tour logo.

Among them was Zoe Haronitis, 22, who said she waited in line for about two hours to get $300 worth of merchandise, including some apparel for her friends.

Haronitis endured the autumn cold and the hefty price tag even though she hasn’t secured a concert ticket. She said she’s hunting down a resale ticket and plans to spend up to $600.

“I haven’t really budgeted anything,” Haronitis said. “I don’t care how much money I spent. That was kind of my mindset.”

The megastar’s merchandise costs up to $115 for a sweater, and $30 for tote bags and other accessories.

Rachel Renwick, 28, also waited a couple of hours in line for merchandise, but only spent about $70 after learning that a coveted blue sweater and a crewneck had been snatched up by other eager fans before she got to the shop. She had been prepared to spend much more, she said.

“The two prized items sold out. I think a lot more damage would have been done,” Renwick said, adding she’s still determined to buy a sweater at a later date.

Renwick estimated she’s spent about $500 in total on “all-things Eras Tour,” including her concert outfit and merchandise.

The long queue for Swift merch is just a snapshot of what the city will see in the coming days. It’s estimated that up to 500,000 visitors from outside Toronto will be in town during the concert period.

Tens of thousands more are also expected to attend Taylgate’24, an unofficial Swiftie fan event scheduled to be held at the nearby Metro Toronto Convention Centre.

Meanwhile, Destination Toronto has said it anticipates the economic impact of the Eras Tour could grow to $282 million as the money continues to circulate.

But for fans like Haronitis, the experience in Toronto comes down to the Swiftie community. Knowing that Swift is going to be in the city for six shows and seeing hundreds gather just for merchandise is “awesome,” she said.

Even though Haronitis hasn’t officially bought her ticket yet, she said she’s excited to see the megastar.

“It’s literally incredible.”

This report by The Canadian Press was first published Nov. 13, 2024.

The Canadian Press. All rights reserved.



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Via Rail seeks judicial review on CN’s speed restrictions

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OTTAWA – Via Rail is asking for a judicial review on the reasons why Canadian National Railway Co. has imposed speed restrictions on its new passenger trains.

The Crown corporation says it is seeking the review from the Federal Court after many attempts at dialogue with the company did not yield valid reasoning for the change.

It says the restrictions imposed last month are causing daily delays on Via Rail’s Québec City-Windsor corridor, affecting thousands of passengers and damaging Via Rail’s reputation with travellers.

CN says in a statement that it imposed the restrictions at rail crossings given the industry’s experience and known risks associated with similar trains.

The company says Via has asked the courts to weigh in even though Via has agreed to buy the equipment needed to permanently fix the issues.

Via said in October that no incidents at level crossings have been reported in the two years since it put 16 Siemens Venture trains into operation.

This report by The Canadian Press was first published Nov. 13, 2024.

Companies in this story: (TSX:CN)

The Canadian Press. All rights reserved.



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