TORONTO — North American stock markets climbed amid positive signals in Canada and elsewhere about the strength of a post-pandemic rebound.
The good mood started with Chinese retail sales numbers moving back into positive terrain compared with a year earlier.
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Industrial production accelerated in the U.S., business confidence was stronger than expected in Germany and Canadian factory sales increased for a third straight month in July.
They rose seven per cent from June, helped by motor vehicle, petroleum and coal sales, Statistics Canada reported Tuesday.
“The gains that we’re seeing in Canada are largely consistent with that optimistic mood in the market and the improved appetite for risk in general,” said Candice Bangsund, portfolio manager for Fiera Capital.
She said the risk-on trade was in equities, currencies, commodities, and bond yields.
“So that has added to, of course, that narrative for a faster-than-expected recovery in economic growth.”
On the virus front, she said, there’s been optimism regarding the potential for a successful vaccine from a couple of lead candidates in the last few days.
And investors are looking forward to Wednesday’s Federal Reserve meeting where a dovish approach is expected to continue with interest rates “pinned lower at these rock-bottom levels for an extended time.”
The S&P/TSX composite index closed up 71.13 points to 16,431.27.
In New York, the Dow Jones industrial average inched up 2.27 points at 27,995.60. The S&P 500 index gained 17.66 points at 3,401.20, while the Nasdaq composite rose 133.67 points or 1.2 per cent to 11,190.32.
Nasdaq gained the most to partially recover from the tech-heavy market’s near five-per-cent loss last week.
“(Tech shares) sold off the most last week. Now they’re recouping some of those losses now that the mood has improved here this week,” Bangsund said in an interview.
The TSX was supported by a broad-based rally with only energy falling.
It lost 0.4 per cent as shares of several large energy producers were down despite higher crude oil prices. Husky Energy Inc. was down 1.9 per cent while Suncor Energy Inc. and Canadian Natural Resources were each off about one per cent in heavy trading.
The October crude contract was up US$1.02 at US$38.28 per barrel and the October natural gas contract was up 5.2 cents at US$2.36 per mmBTU.
Crude prices rose despite a sombre tone, slashing its demand outlook and raising its forecast for U.S. shale production.
“So of course those are two headwinds for the crude outlook but today the stronger economic data has largely countered those reports from OPEC and has sparked a strong rally in crude prices,” Bangsund said.
Materials was up slightly as he December gold contract was up US$2.50 at US$1,966.20 an ounce and the December copper contract was down half a cent at US$3.06 a pound.
Real estate was the strongest sector on the day, followed by utilities and telecommunications.
The Canadian dollar traded for 75.90 cents US, unchanged from Monday.
This report by The Canadian Press was first published Sept. 15, 2020.
Companies in this story: (TSX:HSE, TSX:SU, TSX:CNQ, TSX:GSPTSE, TSX:CADUSD=X)
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
This report by The Canadian Press was first published Sept. 13, 2024.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 172.18 points at 23,383.35.
In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.
The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.
The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.
The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.
This report by The Canadian Press was first published Sept. 12, 2024.
