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Stocks Enjoy First Positive Session of ‘24
Equity markets in Toronto finally had something to celebrate Thursday, having moved into positive territory for the first time in the new year, powered largely by tech and industrial concerns.
The TSX Composite was in the green 52.77 points to close Thursday at 20,871.35.
The Canadian dollar hung onto 0.02 cents to 74.92 cents U.S.
Industrials proved the big winner, led by Bombardier, up $1.38, or 2.8%, to $51.34, while Exchange Income jumped 98 cents, or 2.2%, to $44.98.
In techs, Alithya Group took on nine cents, or 5.4%, to $1.75, while Bitfarms collected 15 cents, or 4%, to $3.90.
In the real-estate sector, Altus Group hiked 68 cents, or 1.7%, to $41.19, while Storagevault Canada gained eight cents, or 1.5%, to $5.26.
Energy weighed most on the losing groups, with Cenovus Energy down 80 cents, or 3.5%, to $21.91, while Baytex Energy advanced 11 cents, or 2.4%, to $4.43.
In gold stocks, Seabridge Gold slumped 93 cents, or 5.9%, to $14.91, while Wesdome Gold docked two cents to $7.40.
In consumer discretionary issues, PET Valu Holdings lost 57 cents, or 2%, to $28.11, while Spin Master shed 39 cents, or 1.2%, to $33.38.
ON BAYSTREET
The TSX Venture Exchange acquired 1.49 points to 551.56.
Eight of the 12 subgroups were positive, with industrials ahead 0.8%, information technology better by 0.7%, and real-estate improved 0.5%.
The four laggards were led by energy, down 1.2%, with gold and consumer discretionary stocks off 0.2% each.
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ON WALLSTREET
The Dow Jones Industrial Average traded higher Thursday as investors looked to recover from an early year slump, though the tech-heavy NASDAQ was not so fortunate.
The 30-stock index came off its highs of the day, but still gained 10.15 points to conclude Thursday at 37,440.34.
The S&P 500 went south 16.13 points to 4,688.68.
The NASDAQ tumbled 81.91 points to 14,510.30, marking its fifth consecutive losing session.
Mega-cap tech stocks such as Apple are underperforming to start the year, as overstretched valuations and uncertainty around when the Federal Reserve will begin to cut rates have investors worried that markets have gotten overly optimistic.
Apple stock is down more than 5% this week. Shares of the tech giant fell 1% on Thursday following a downgrade by Piper Sandler, two days after Barclays also lowered its rating on the name.
Prices for the 10-year Treasury slid, pumping up yields to 4% from Wednesday’s 3.91%. Treasury prices and yields move in opposite
directions.
Oil prices fell 31 cents to $72.39 U.S. a barrel.
Gold prices recovered $8.10 to $2,050.90.
NASDAQ Slump Reaches 5 Sessions
