Investment

Toronto index hits 1-week high as easing Omicron concerns lift energy stocks

Published

3 years ago

December 7, 2021

Canada’s main stock index hit a one-week high on Tuesday, underpinned by gains in energy shares, as concerns around the Omicron coronavirus variant eased.

At 9:40 a.m. ET (14:40 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 266.07 points, or 1.28%, at 21,127.17, extending previous session’s gains.

The energy sector climbed 2.9% with oil prices rising for a second day as concerns over the impact of the Omicron coronavirus variant on global fuel demand eased.[O/R]

“People referred to this period as a Santa Claus Rally and I see some of that taking place now as we hit the end of the year and investors who were heavy in cash, or who missed the market might feel compelled to invest money,” said Irwin Michael, a portfolio manager at ABC Funds.

Adding to gains were Toronto-listed technology stocks, up 2.7%, tracking gains in U.S. tech-heavy Nasdaq index. [.N]

Following a volatile start to December marked by concerns about the Omicron coronavirus variant and a hawkish outlook from the United States Federal Reserve, the benchmark index has gained ground this week as investors believe the recent sell-off was overdone.

Among individual shares, Enbridge Inc gained 1.9% after the pipeline operator forecast higher core earnings in 2022 and announced a share repurchase of up to C$1.5 billion ($1.18 billion), betting on rising demand for oil and gas.

On the economic front, Canada posted a trade surplus of C$2.09 billion ($1.65 billion) in October, the largest in almost 10 years, Statistics Canada said.

HIGHLIGHTS

Dye & Durham Ltd was the biggest percentage gainer on the index after multiple brokerages raised the price target on the IT service provider’s stock.

The TSX posted two new 52-week highs and no new low.

Across Canadian issues, there were seven new 52-week highs and seven new lows, with total volume of 48.42 million shares.

(Reporting by Amal S in Bengaluru; Editing by Vinay Dwivedi)

Investment

S&P/TSX composite up more than 100 points, U.S. stock markets mixed

Published

1 week ago

October 16, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

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

Source link

Economy

S&P/TSX up more than 200 points, U.S. markets also higher

Published

2 weeks ago

October 11, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

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

Source link

Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

Published

2 weeks ago

October 10, 2024

Anne Joseph

TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

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

Source link