TSX Finishes Negative

Stocks in Toronto were roughed up a mite Wednesday, as weakness in the energy and material sectors burdened the market.

The TSX was down 86.42 points to close Wednesday to 20,499.31.

The Canadian dollar forged ahead 0.03 cents to 74.77 cents U.S.

As mentioned off the top, energy tumbled, mostly Tourmaline Oil, declining $3.28, or 5.5%, to $55.96, while Peyto Exploration slipped 38 cents, or 3.1%, to $11.84.

In materials, Endeavour Silver cratered 80 cents, or 14.2%, to $4.82, while Mag Silver tumbled $1.16, or 6.6%, to $16.56.

Food stocks also took the brunt of it, most notably George Weston, off $4.73, or 2.7%, to $170.22, while Maple Leaf Foods slumped 75 cents, or 2.9%, to $25.00.

Industrials tried to help the markets dig out somewhat, as Boyd Group captured $16.67, or 7.3%, to $244.19, while Exchange Income Corporation shares took on $2.11, or 4.1%, to $54.04.

In real-estate, units … Read more

USD / CAD – Canadian Dollar Rally Stalls

– FX markets trade quietly ahead of Wednesday’s US CPI data.

– Chinese Trade data disappoints.

– US dollar grinds out small gains overnight.

USDCAD snapshot: open 1.3368-72, overnight range 1.3367-1.3383, close 1.3373, WTI $72.50, Gold $2028.39

The Canadian dollar rally stalled yesterday, and prices consolidated the move for the rest of the day and overnight.

Global FX activity was understated with traders sidelined until the US April inflation report, due Wednesday. CPI is expected to rise 0.4% m/m, a tad higher than the 0.1% increase seen in March. The consensus forecast for the more critical Core CPI reading is 0.4% m/m, unchanged from March.

The danger is if inflation is higher than expected. That’s because the market prices in about 100 bps of Fed rate cuts by December, despite the Fed’s March dot-plot projections suggesting no rate cuts. In addition, policymakers repeatedly warn that although inflation may have peaked, … Read more

Stocks Little Changed Before Inflation Reports Roll out

The S&P 500 closed near the flat line on Monday as investors looked ahead to pivotal inflation readings, including April’s consumer price index report.

The Dow Jones Industrials retreated 55.83 points at 33,618.55.

The much-broader index nicked up 1.87 points to 4,138.12.

The NASDAQ Composite recovered 21.5 points to 12,256.92.

Meanwhile, select bank shares ticked higher to begin the week. Shares of PacWest gained 3.6%. Late Friday evening, the bank announced that it would cut its dividend to just one cent per share from 25 cents per share in the prior quarter. Western Alliance shares ended the day up about 0.6%. Big banks Wells Fargo and JPMorgan Chase also rose.

Investors are reportedly debating if the banking crisis has finally abated.

Elsewhere, shares of Disney rose more than 2%. The company is set to report quarterly results on Wednesday.

Meanwhile, Berkshire Hathaway Class A shares rose more than 1% after … Read more

TSX Continues Climb

Air Canada, Open Text in Focus

Canada’s main stock index rose on Friday, as higher crude prices lifted energy shares, while robust earnings from companies including Air Canada beat back concerns over a fallout from the U.S. regional bank turmoil.

The TSX leaped 262.13 points, or 1.3%, to pause for lunch at 20,500.32.

The Canadian dollar muscled up 0.58 cents to 74.51 cents U.S.

Shares of “The Maple Leaf airline” surged $2.31, or 12.6%, to the top of the index, at $20.65, as the airline carrier raised its full-year forecast for core profit.

Technology stocks rose, lifted by a jump of $6.17, or 12.5%, in Open Text to $55.60, after its quarterly results beat.

On the economic beat, Statistics Canada reported the economy created 41,000 jobs in April, almost all of them part-time work. The jobless rate stayed put.

ON BAYSTREET

The TSX Venture Exchange heightened 6.39 points, or 1.1%, … Read more

TSX Ends Week with 300+ Gains

Equity markets made up Friday for what befell them throughout much of the week, thanks mostly to gains in tech and energy companies, while investors on both sides of the border celebrated mouth-watering jobs figures.

The TSX sprouted wings and flew 303.84 points, or 1.5%, to conclude Friday and the week at 20,542.03. On the week, however, the index fell 94.5 points, or about 0.5%.

The Canadian dollar gained 0.27 cents to 74.21 cents U.S.

Tech shares climbed on the back of Open Text Corp., which surged $5.98, or 12.1%, to $55.41, while Bitfarms bounced 11 cents, or 7.5%, to $1.57.

Energy stocks also had a banner day, with Pason Systems, jumping 98 cents, or 8.7%, to $12.20, while Arc Resources grabbed $1.20, or 7.5%, to $17.25.

Cannabis concerns also claimed their share of fame, with Tilray taking on 29 cents, or 8.5%, to $3.70, while Canopy Growth increased 11 … Read more