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TSX Enjoys Solid Finish
Equities in Canada’s largest market managed to hold onto solid gains, led by information technology and consumer stocks. after several straight days of downward readings
The S&P/TSX Composite Index took on 56.89 points to close Thursday at 15,935.37
The Canadian dollar moved up 0.08 cents to 78.41 cents U.S.
Among the league leader, tech issues, BlackBerry scaled down from earlier gains, but still finished positive four cents to $13.25, while Constellation Software gained $2.05 to $740.06.
Consumer discretionary stocks also triumphed, particularly Gildan Activewear, ahead 50 cents, or 1.3%, to $38.72, while Magna International moved higher 40 cents to $68.01.
Financials fared well, too, as CIBC jumped $1.43, or 1.3%, to $114.24, while Scotiabank gained 79 cents to $84.02
Among the most active Canadian stocks by volume were Aurora Cannabis Inc, down 81 cents, or 13% at $5.41, and Canopy Growth Co, down $1.20, or 6.5%, at $17.26.
Canopy Growth said late on Wednesday that it was investing in fellow marijuana producer TerrAscend Corp. Aurora said it had arranged a $100-million financing.
The energy group retreated, with Suncor Energy down 39 cents at $45.01. Seven Generations Energy Ltd fell $1.65, or 9%, to $16.60 after announcing its capital investment plans for 2018.
Among consumer staples, Saputo retreated 41 cents to $43.50, while Loblaw Companies gave up seven cents to $69.19.
On the economic beat, Statistics Canada reported that foreign investment in Canadian securities totaled $16.8 billion in September, up from $9.8 billion in August. At the same time, Canadian investment in foreign securities slowed to $2.4 billion in September, after reaching $12.1 billion in August.
Meanwhile, manufacturing sales rose 0.5% to $53.7 billion in September, reflecting higher sales in the petroleum and coal product industry.
Forecasts were for manufacturing sales are forecast to have declined by 0.3%, in line with slower economic growth in the second half of the year after a strong first six months.
Moreover, ADP Canada released its first publication of the Canada National Employment Report this morning.
ON BAYSTREET
The TSX Venture Exchange squeezed upward 0.74 points to end Thursday 792.36
Eight of the 12 TSX subgroups were higher, as information technology gained 1.3%, consumer discretionary picked up 1%, and financials were richer by 0.7%
The four laggards were health-care, sliding 1.8%, and energy, down 0.7%, and consumer staples, off 0.6%.
ON WALLSTREET
U.S. equities rose on Thursday, rebounding from consecutive declines, following strong quarterly results from Wal-Mart and Cisco Systems. Wall Street also cheered a key vote on tax reform.
The Dow Jones industrial average regained 186.87 points to 23,458.15, with Cisco and Wal-Mart leading advancers on the 30-stock index.
Wal-Mart reported better-than-expected quarterly earnings and revenue, sending the stock 10.9% higher to an all-time high.
Cisco also reported earnings and revenue that beat Wall Street expectations, lifted in part by strong sales of software applications. Cisco shares popped 5.2%
The S&P 500 improved 21.07 points to 2,585.67, with consumer staples and information technology among the best-performing sectors.
Wal-Mart was one of the best-performing stocks in the index after its strong earnings, which were boosted by a surge in grocery and online sales.
The NASDAQ Composite leaped 87.08 points, or 1.3%, to 6,793.29, hitting intraday and closing records. Cisco's gains helped lift the index sharply higher.
Other companies declaring earnings Thursday included Applied Materials Inc. and J.M. Smucker
Later on Thursday, the House of Representatives is expected to vote on a tax plan. If the bill becomes law, it would slash the corporate tax rate to 20% from 35%. Expectations of tax reform have helped stocks reach all-time highs recently.
Prices for the benchmark 10-year Treasury note sank Thursday, raising yields to 2.37% from Wednesday’s 2.33%. Treasury prices and yields move in opposite directions.
Oil prices fell 18 cents a barrel to $55.15 U.S.
Gold prices gave up earlier gains, but still finished positive 80 cents to $1,278.50 U.S. an ounce.
