TSX Recovers Strength

Stocks north of the border imported some of the good vibes from their counterparts to the south, particularly on the strength of health-care and energy stocks.

The TSX gained 54.36 points to close at 20,296.43.

The Canadian dollar eked up 0.02 to 74.35 cents U.S.

Health-care proved the champion of them all, with Bausch Health Companies surging $1.95, or 24.1%, to $10.05, while Tilray hiking eight cents, or 2.5%, to $3.25.

In energy stocks, Baytex grew 18 cents, or 4.2%, to $4.51, while Vermilion Energy spiked 48 cents, or 3.1%, to $15.82.

Real-estate stocks also had a good day, with Colliers international picking up $2.97, or 2.4%, to $125.96, while H&R Real Estate Investment Trust gaining 14 cents, or 1.4%, to $10.40.

Materials sank, though, as K92 Mining lost eight cents, or 1.9%, to $6.13, while Osisko Mining retreated seven cents, or 2.1%, to $3.32.

In utilities, Emera Corporation dipped $1.03, or 1.8%, to $57.03, while Fortis skidded 97 cents, or 1.6%, to $58.61.

In industrials, Waste Connections fell $2.52, or 1.3%, to $189.99, while Thomson Reuters backpedaled $2.03, or 1.2., to $166.11.

In the economic docket, Statistics Canada said foreign investors reduced their exposure to Canadian securities by $19.1 billion in March, the largest divestment since September 2022. Meanwhile, Canadian investors reduced their holdings of foreign securities by $5.6 billion in March, a fourth consecutive monthly divestment.

Meanwhile, the Canadian Real Estate Association said national home sales jumped by double digits on a month-over-month basis. National home sales surged 11.3% month-over-month in April. Actual (not seasonally adjusted) monthly activity came in 19.5% below April 2022.
ON BAYSTREET

The TSX Venture Exchange poked up 4.73 points to 611.75.

The 12 TSX subgroups were split down the middle, with health-care rocketing 4.9%, while energy tallied 1.5%, and real-estate added 0.8%.

The half-dozen laggards with materials sliding 0.9%, while utilities dropped 0.8%, and industrials slid 0.5%.

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ON WALLSTREET

Stocks rose Wednesday as investors hoped congressional leaders and President Joe Biden could come to a deal on the U.S. debt ceiling and avoid a catastrophic default.

The Dow Jones Industrials leaped 409.09 points, or 1.2%, to conclude Wednesday at 33,421.23 The 30-stock index is down more than 3% this month, including a 1% decline on Tuesday.

The S&P 500 pulled ahead 48.91 points, or 1.2%, to 4,158.81.

The NASDAQ Composite regained 157.51 points, or 1.3%, to 12,500.57.

Regional bank shares rebounded on Wednesday, helping market sentiment, as Western Alliance Bancorp detailed improving deposit growth. Western Alliance soared 12%.

At the conclusion of a meeting between the president and congressional leaders Tuesday, House Speaker Kevin McCarthy said that a “better process” is now in place for further talks, saying it’s “possible to get a deal by the end of the week.” The White House said that Biden canceled a second leg of an upcoming international trip to focus on the negotiations.

At the conclusion of a meeting between the president and congressional leaders Tuesday, House Speaker Kevin McCarthy said that a “better process” is now in place for further talks, saying it’s “possible to get a deal by the end of the week.” The White House said that Biden canceled a second leg of an upcoming international trip to focus on the negotiations.

Prices for the 10-year Treasury demurred, raising yields to 3.58% from Tuesday’s 3.53%. Treasury prices and yields move in opposite directions.

Oil prices added $1.88 to $72.74 U.S. a barrel.

Gold prices lost $6.70 to $1,986.30 U.S. an ounce.