Canada Markets closed

TSX Darts Ahead

  • Oops!
    Something went wrong.
    Please try again later.
·3 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

Equities in Canada’s largest centre continued their upward run as Wednesday morning came to an end, as energy stocks gained on stronger oil prices and as concerns around the new coronavirus variant Omicron eased.

The S&P/TSX Composite recovered 331.02 points, or 1.6%, to roll into noon hour Wednesday at 20,991.01.

The Canadian dollar gained 0.14 cents at 78.41 cents U.S.

Energy shares rumbled higher, as Imperial Oil shouted higher $2.11, or 5%, to $44.34, while Cenovus Energy climbed 69 cents, or 4.6%, to $15.85.

In consumer discretioary stocks, BRP Inc. sprinted $5.23, or 5.2%, to $106.19, while Martinrea International tacked on 42 cents, or 4.3%, to $10.27.

Among the financials, Scotiabank jumped $3.38, or 4.2%, to $83.16, while ONEX hiked $2.82, or 3%, to $95.64.

On the economic slate, Statistics Canada reported that building permits increased 1.3% in value to $10.3 billion in October, led by gains in British Columbia (up 15.0%) and Ontario (roaring ahead 4.5%).

Also, Markit Canada’s Manufacturing Purchasing Managers Index for November registered at 57.2, down slightly from 57.7 in October.

ON BAYSTREET

The TSX Venture Exchange remained positive 8.2 points to 947.64.

All 12 TSX subgroups gained ground, energy springing 2.6%, consumer discretionaries, up 2.1%, and financials, spiking 2%.

ON WALLSTREET

U.S. stocks rose on Wednesday as companies that benefit from the economic reopening reversed some of their recent losses.

The Dow Jones Industrials spiked 402.28 points, or 1.2%, to break for lunch Wednesday at 34,886

The S&P 500 index jumped 72.48 points, or 1.6%, to 4,639.48.

Read:

The NASDAQ vaulted 218.51 points, or 1.4%, to 15,756.20.

The gains follow a Tuesday selloff on Wall Street over fears about the new omicron COVID variant and the Federal Reserve mulling a quicker-than-planned exit from its easy monetary policy.

Energy shares posted sharp gains, with Occidental Petroleum and Baker Hughes each rising more than 3% as West Texas Intermediate prices climbed about 4% to nearly $69 a barrel.

Retail and apparel stocks were strong in early trading, with Gap and Ralph Lauren adding more than 3% and PVH gaining nearly 4%. Cruise stocks Carnival and Norwegian also rose about 3%.

Stocks wrapped up a volatile month of trading on Tuesday. The Dow lost 3.7% for its second month of losses in three. The S&P 500 fell 0.8%, while the NASDAQ gained 0.25% in November.

Still, the major averages are up solidly for the year. The Dow is up 12.7% and the S&P 500 is up 21.6% in 2021. The NASDAQ is up an impressive 20.6% this year.

ADP’s private payroll data for November showed 534,000 jobs added in November, above expectations of 506,000

Elsewhere, November’s IHS Markit manufacturing Purchasing Managers Index came in at 58.3, lower than expected. October construction spending also rose slower than expected, but there was a positive historical revision to help offset the miss.

Prices for 10-year Treasurys sagged a bit, raising yields to 1.46% from Tuesday’s 1.44%. Treasury prices and yields move in opposite directions.

Oil prices increased $1.75 to $67.93 U.S. a barrel.

Gold prices hiked $9.70 to $1,786.20 U.S. an ounce.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting