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Stocks Surge by Noon
Canada's main stock index rose on Thursday as energy companies and gold miners rallied, while investors also cheered easing U.S inflation, adding to hopes that the Federal Reserve's rate hike path might not be as aggressive.
The TSX recovered 87.28 points to pause for lunch at 20,112.33
The Canadian dollar was up 0.27 at 74.68 cents U.S.
Organigram Holdings jumped seven cents, or 6.4%, to $1.17 as the cannabis producer forecast higher revenue for 2023.
Luxury fashion design house Aritzia slumped $3.97, or 7.8%, to $47.25, after the company reported third-quarter results.
ON BAYSTREET
The TSX Venture Exchange edged ahead 2.8 points midday to 605.19.
Seven of the 12 subgroups gained territory, energy, up 1.9%, gold, brighter by 1.2%, and materials, surging 0.7%.
The five laggards were weighed most by health-care and information technology, each down 0.6%, while industrials slid 0.5%.
ON WALLSTREET
The Dow Jones Industrial Average advanced Thursday after December’s consumer price report came in line with economist expectations and showed signs of cooling inflation.
The 30-stock leaped 140.62 points to reach the mid-point of Thursday’s session at 34,113.63
The S&P 500 eked up 4.51 points to 3,974.12.
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The NASDAQ Composite Index gained 8.45 points to 10,948.12.
Evercore ISI downgraded Hewlett Packard Enterprise to in line from outperform on Wednesday.
Among the reasons the Wall Street firm cited were moderating IT spending and tighter budgets this year, as well as server revenues moderating from its double-digit momentum last year.
Shares of Cinemark have shed more than 30% in recent weeks but are poised to outperform following the success of “Avatar,” according to JPMorgan. That makes now a great time to snap up shares.
JPMorgan upgraded Cinemark to overweight from neutral and kept its $15 price target, which implies a more than 57% upside from where the stock currently trades.
The December report showed a 0.1% dip in prices from November but was still 6.5% higher than a year prior. In November, the report showed a 0.1% monthly gain and an annual pace of 7.1%, according to Dow Jones.
Prices for the 10-year Treasury gained ground, lowering yields to 3.49% from Wednesday’s 3.53%. Treasury prices and yields move in opposite directions.
Oil prices advanced $1.72 to $79.13 U.S. a barrel.
Gold prices prospered $17.20 to $1,896.10 U.S. an ounce.
