September 24, 2021

TSX Cements Gains for Positive Close

5 min read
Stocks in Toronto concluded a strong week, with resource stocks pushing higher Friday. The TSX...

Stocks in Toronto concluded a strong week, with resource stocks pushing higher Friday.

The TSX gained 24.2 points to close the week at 19,346.12. The index leaped 361 points, or 1.9{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d} on the week

The Canadian dollar gained 0.25 cents to 79.96 cents U.S.

Gold stocks stole the show Friday, as B2Gold gained 10 cents, or 1.6{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to $6.35, while Wesdome Gold Mines attached 10 cents, or 1{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to $9.95.

In other resource stocks, Canfor Corp. added $2.10, or 7.1{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to $31.83, while Interfor gained $1.91, or 6{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to $34.02.

Among communications winners, AcuityAd Holdings took on 33 cents, or 2.4{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to $14.12, while Shaw Communications hiked 51 cents, or 1.5{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to $34.97.

Energy, however, got somewhat bruised, as Vermilion Energy slid 36 cents, or 3.9{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to $8.77, while Crescent Point Energy dipped 14 cents, or 2.8{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to $4.86.

In techs, Hut 8 Mining lost 48 cents, or 6{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to $7.51, while Lightspeed POS dumped $4.84, or 5.4{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to $84.08.

Real-estate issues also suffered, with Dream Industrial REIT down 49 cents, or 3.5{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to $13.56, while Boardwalk REIT surrendered 28 cents to $36.97.

A new Reuters survey shows the Canadian economy is likely to grow at a slower pace this quarter and next than previously expected, but tighter lockdown restrictions from another wave of coronavirus were unlikely to derail the economic recovery.

Elsewhere on the economic stage, Statistics Canada reported Canadian investors acquired $10.5 billion of foreign securities in February, continuing a trend of net purchases that began in May 2020. Meanwhile, foreign investment in Canadian securities reached $8.5 billion, led by strong acquisitions of Canadian shares.

Elsewhere, sales of wholesale products fell 0.7{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d} in February to $68.8 billion, the second decline in three months. Despite the drop, sales in February were the second highest on record for the sector.

ON BAYSTREET

The TSX Venture Exchange added 5.64 points to 944.46, though the index proved negative on the week 16.4 points, or 1.7{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}.

Eight of the 12 TSX subgroups were positive, with gold shimmering 0.9{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, materials and communications each stronger by 0.5{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}.

The four laggards were weighed most by energy stumbling 0.7{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, information technology, down 0.5{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, and real-estate weakening 0.1{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}.

ON WALLSTREET

U.S. stocks rose again on Friday as the market’s rally to records carried on amid strong earnings from blue-chip companies as well as solid data signaling a snapback in the economy.

The Dow Jones Industrials jumped 164.68 points to close Friday at 34,200.67,

The S&P 500 added 15.05 points to 4,177.52, to hit another fresh high.

S&P 500’s strong performance in recent weeks has pushed its year-to-date gains to more than 11{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}. Cyclical sectors have been the biggest

winners this year with energy and financials leading the rally.

The NASDAQ Composite restored 13.58 points, to 14,052.34.

Wall Street wrapped up another winning week with the three major benchmarks all gaining more than 1{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}. The S&P 500 and the Dow posted their fourth straight positive week, while the tech-heavy NASDAQ has registered gains for three weeks in a row.

The last of the six largest U.S. banks to report– Morgan Stanley — posted stronger-than-expected earnings, bolstered by strong trading and investment banking results. Shares of the bank dipped 2.8{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, trimming its year-to-date gains to about 14{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}.

PNC Financial gained more than 2{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d} after the bank beat estimates on the top and bottom lines for its first-quarter report

Investor sentiment was boosted by a slew of economic data this week that pointed to a rebound in consumer spending, sentiment and the jobs market.

The University of Michigan said Friday its preliminary consumer sentiment index rose to a one-year high of 86.5 in the first half of this month from 84.9 in March.

Retail sales jumped 9.8{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d} in March as additional stimulus sent consumer spending soaring, topping the Dow Jones estimate of a 6.1{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d} gain.

Meanwhile, the U.S. Labor Department reported 576,000 first-time filings for unemployment insurance for the week ended April 10, reaching the lowest level since March 2020.

Prices for 10-Year Treasurys leaned lower, raising yields to 1.60{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d} from Thursday’s 1.57{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}. Treasury prices and yields move in opposite directions.

Oil prices fell 35 cents to $63.11 U.S. a barrel.

Gold prices improved $9.70 to $1,776.50 U.S. an ounce.

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