TSX Peaks Again Wednesday
Equities in Canada’s largest centre added to their all-time high Wednesday, spurred by resource stocks, while their cousins across the border found their indexes going sharply in the other direction.
The TSX Composite Index gained 14.45 points to reinforce Tuesday’s record, at 26,283.45.
The TSX is set for a robust monthly gain, as easing global trade concerns boosted risk appetite.
The Canadian dollar faded 0.13 cents to 72.27 cents U.S.
Bank of Montreal gained $2.23, or 1.5%, to $147.09, as “The First Canadian Bank,” beat analysts' profit estimates in the second quarter.
National Bank of Canada triumphed $4.93, or 3.8%, to $134.29 after it reported a rise in second-quarter profit.
Definity Financial Corporation has agreed to acquire most of Travelers Canada for $3.3 billion, making it the fourth largest property and casualty insurer in Canada. Definity shares sprinted $7.84, or 11.3%, at $77.25.
Gold stocks led the parade, as Aya Gold gained 55 cents, or 4.7%, to $12.17, while New Gold added 16 cents, or 2.7%, to $6.08.
In materials, NGEx Minerals obtained 81 cents in gains, or 5.5%, to $15.43, while SSR Mining poked ahead 39 cents, or 2.5%, to $16.26.
In consumer staples, NorthWest Company grew $1.01, or 1.8%, to $15.43. Loblaw Companies took on $3.09, or 1.4%, to $232.11.
Energy stocks pointed downward as Whitecap Resources removed 15 cents, or 1.7%, to $8.75, while Suncor deducted 49 cents, or 1%, to $48.88.
In telecoms, BCE fell 40 cents, or 1.4%, to $29.27, while Rogers sank 37 cents, or 1%, to $36.37.
In utilities, Algonquin Power shed 25 cents, or 3.2%, to 3.2%, to $7.50, while Altagas shares dipped 51 cents, or 1.3%, to $37.95.
ON BAYSTREET
The TSX Venture Exchange let go of 0.51 points to close Wednesday at 702.40.
Seven of the 12 TSX subgroups were higher, as gold surged 1.1%, while materials added 0.5%, and consumer staples gained 0.4%.
The five laggards were weighed most by energy, down 0.8%, while telecoms surrendered 0.7%, and utilities fell 0.6%.
ON WALLSTREET
Stocks gyrated on Wednesday as investors parsed the latest earnings reports and Federal Reserve meeting minutes while awaiting Nvidia’s quarterly figures.
The Dow Jones Industrials retreated 244.95 points to close Wednesday at 42,098.70.
The S&P 500 dropped 32.99 points to 5,888.55
The NASDAQ Composite fell 98.23 points to 19,100.94.
Okta shares plunged more than 13% after the identity management software company kept its guidance steady despite a better-than-expected quarter due to macroeconomic uncertainty. On the other hand, Abercrombie & Fitch took on 16% and Dick’s Sporting Goods climbed more than 2%, following quarterly reports.
Nvidia is set to report earnings after the bell. Investors will be paying close attention to what China restrictions will mean for the artificial intelligence chipmaker, which sees no slowing in demand for its graphics processors. Shares rose nearly 1% ahead of the report.
Those moves come after President Donald Trump on Sunday said that he would delay a 50% tariff on the European Union to July 9, after initially saying Friday that he was “not looking for a deal.” This added to investors’ hopes the stock market can leave the worst of the tariff chaos behind.
Stocks remained rangebound after the Fed released minutes from its May meeting Wednesday afternoon. The minutes showed that participants found a cautious monetary policy approach to be appropriate amid a period of economic uncertainty and that it could face “difficult tradeoffs” if inflation rises.
Prices for the 10-year Treasury sagged to open Wednesday, boosting yields to 4.49% from Tuesday’s 4.44%. Treasury prices and yields move in opposite directions.
Oil prices were positive 67 cents to $61.56 U.S. a barrel.
Prices for gold dipped $7.30 to $3,293.10.
