TSX Enjoys 5th Straight Winning Session

Canada's main stock index extended its winning streak for the fifth straight day on Wednesday as worries of tightening U.S. credit conditions further dissipated, while retailer Loblaw slipped after reporting quarterly results.

The TSX Composite stayed positive 34.16 points to greet Wednesday’s closing bell at 20,057.89.

The Canadian dollar inched up 0.09 cents at 73.08 cents U.S.

Tech stocks led the charge, led in turn by Bitfarms, picking up 24 cents, or 15.5%, to $1.79, while HUT 8 Mining increased 26 cents, or 10.5%, to $2.74.

In health-care stocks, Tilray grabbed 13 cents, or 5.5%, to $2.50, while Bausch Health Companies scaled 21 cents, or 2.3%, higher to $9.51.

In consumer discretionary stocks, Linamar charged ahead $2.30, or 4%, to $59.80, while MTY Food Group surged $1.29, or 2.5%, to $52.33.

Consumer staples did not fare so well, though, as Metro subsided $5.10, or 6.8%, to $70.45, while Empire Company docked $1.50, or 3.8%, to $38.46.

In energy, Birchcliff Energy dipped 44 cents, or 5.9%, to $7.04, while Headwater Exploration slipped 22 cents, or 2.9%, to $7.34.

In gold, Novagold lost 13 cents, or 2.4%, to $5.29, while Torex Gold Resources skidded 48 cents, or 3.7%, to $12.65.

Statistics Canada reported wholesale trade, rose 0.4% to $83.1 billion in September, while and manufacturing sales increased for the third consecutive month, up 0.4% in September mainly on higher sales of petroleum and coal. Excluding this subsector, manufacturing sales declined 0.4%.

The Canadian Real Estate Association reported national home sales fell 5.6% month-over-month in October. Actual (not seasonally adjusted) monthly activity came in 0.9% above October 2022.

ON BAYSTREET

The TSX Venture Exchange inched up 1.02 points to 517.97.

Seven of the 12 TSX subgroups gained ground Wednesday, led by technology, surging 2.2%, health-care, better by 1.9%, and consumer discretionary stocks, growing 0.7%.

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The five laggards were weighed most by consumer staples, sagging 2.6%, energy, down 1%, and gold off 0.6%.

ON WALLSTREET

Stocks climbed on Wednesday, building on the strong rally from the previous session, on the back of more encouraging inflation data.

The Dow Jones Industrials jumped 163.51 points to close the session at 34,991.21.

The S&P 50 index gained 7.18 points to 4,502.88.

The NASDAQ came off its highs of the day, but still added 9.45 points to 14,103.84.

In corporate news, Target popped 18% on better-than-expected results for the third quarter. Shares of apparel company VF added 14% following a JPMorgan upgrade to neutral from underweight.

These gains came after October’s consumer price index, a key inflation metric, came in lower than the 0.1% increase economists surveyed by Dow Jones had expected. Instead, the CPI came in flat on a monthly basis. Investors celebrated the news, sending stocks soaring on the hopes that the Federal Reserve could finally put an end to its rate-hiking campaign.

October’s producer price index, which measures wholesale prices, fell by 0.5% to mark its biggest monthly drop since April 2020. Not all the economic data was positive, however, since retail sales also declined.

Prices for the 10-year Treasury fell, raising yields to 4.54% from Tuesday’s 4.45%. Treasury prices and yields move in opposite directions.

Oil prices backpedaled $1.76 to $76.50 U.S. a barrel.

Gold prices slumped three dollars to $1,963.50.