Canada’s main stock index closed slightly higher on Friday but was still down for the first week of the year as the potential for faster-than-expected U.S. interest rate hikes weighed on investor sentiment.
The Toronto Stock Exchange’s S&P/TSX composite index ended up 12.25 points, or 0.06%, at 21,084.45 on Friday. For the week, it was down 0.65% after the Federal Reserve on Wednesday struck a hawkish note in minutes from its latest meeting.
“The story is still tied to the Fed and rising interest rates coming sooner than expected,” said Sadiq Adatia, chief investment officer at BMO Asset Management.
Wall Street extended its weekly decline as investors remained worried about the U.S. interest rate outlook even after a weaker-than-expected December payrolls report.
Domestic data showed the Canadian economy adding twice as many jobs as expected in December, supporting expectations for the Bank of Canada to begin hiking rates in the coming months.
“What you have been seeing is a bit of rotation going on … the high-flying tech names have been selling off,” Adatia said.
Higher interest rates reduce the value to investors of the future cash flows that technology and other high growth sectors are expected to produce.
The Toronto market’s technology group fell for a fifth straight session, down 1.4%, but that was offset by gains for the heavily weighted financials group and energy stocks.
Financials ended 0.4% higher, while energy climbed 0.9% as oil held on to much of this week’s rally.
U.S. crude prices settled 0.7% lower at $78.90 a barrel on Friday but were up nearly 5% for the week as the market weighed unrest in Kazakhstan and outages in Libya.
Apparel manufacturer Canada Goose Holdings Inc was among the biggest decliners, falling 6.3% after UBS slashed its target price on the stock.
(Reporting by Fergal Smith; Additional reporting by Anisha Sircarl Editing by Cynthia Osterman)
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.
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.
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.
