New Peak for TSX
Canada's main stock index hit a fresh record high on Wednesday as investors cheered strong quarterly results from top domestic lenders, including Royal Bank of Canada.
The TSX Composite Index advanced 55.06 points to open Wednesday at 28,394.94.
The Canadian dollar climbed 0.14 cents to 72.32 cents U.S.
RBC analysts' profit estimates as it set aside smaller-than-expected loan loss provisions that included releases in its wealth management segment. Its shares galloped $10.93, or 5.7%, to $201.32.
National Bank of Canada experienced an increase in third-quarter profit, but its shares were down $6.51, or 4.3% to $143.90.
Canadian banks have been expanding their wealth management segment due to stable fee-based revenue, diversifying from interest income tied to shifting rates and credit risks.
Dollarama dipped $6.12, or 3.2%, to $185.95. The discount store operator's quarterly sales surpassed market estimates, driven by higher demand as shoppers looked for affordable household supplies and groceries.
Canada Goose's controlling shareholder Bain Capital has received take-private bids at a valuation of about $1.4 billion.
Shares of the luxury goods maker climbed $2.72, or 16.2%, to $19.53.
ON BAYSTREET
The TSX Venture Exchange dipped 1.11 points to 811.33.
Eight of the 12 TSX subgroups dragged, however, weighed the most by health-care, down 1.2%, energy, off 1%, and consumer staples, lower 0.9%.
The four gainers were led by gold, up 1.9%, materials, ahead 1.4%. and financials, better by 1.2%.
ON WALLSTREET
The S&P 500 ticked higher on Wednesday as investors turn their eyes to Nvidia earnings, which could be a make-or-break moment for the bull market.
The Dow Jones Industrials gained 93.18 points to open Wednesday at 45,511.28.
The broader index gained 10.66 points to 6,476.60. Nvidia, which accounts for roughly 8% of the S&P 500, has the biggest weight in the broad market index
The NASDAQ tacked on 32.38 points to 21,576.65.
Some individual names managed strong gains despite the muted action in the broader market. MongoDB popped 32% after the developer data platform topped Wall Street’s expectations. Okta jumped 2% after its quarterly results and full-year forecast beat consensus estimates.
Prices for 10-year Treasury regained lost ground Wednesday upping yields to 4.28% from Tuesday’s 4.26%. Treasury prices and yields move in opposite directions.
Oil prices increased 42 cents to $63.67 U.S. a barrel.
Gold prices retreated $2.40 at $3,430.60 U.S. an ounce.
