Baystreet.ca - Canada's main stock index rose to a record high on Thursday as stronger commodity prices and a weaker Canadian dollar lifted the energy and materials sectors, offsetting a sharp decline in the shares of TD Bank (TSX:TD).
The TSX Composite Index gained 77.36 points to close Thursday at 24,247.63.
The Canadian dollar shed 0.18 cents to 72.75 cents U.S.
Shares in TD deflated $5.35, or 5.2%, to $$81.76. Elsewhere in financials, TMX (TSX:X) dipped 37 cents to $42.52.
In real-estate, units of Granite REIT (TSX:GRT_u) fell $2.25, or 2.8%, to $77.00, Northwest Healthcare Properties REIT (TSX:NWH_u) slid 18 cents, or 3.3%, to $5.22.
Communications also took it on the chin, with Quebecor (TSX:QBRa) declining 54 cents, or 1.5%, to $35.08, while BCE (TSX:BCE) dropped 52 cents, or 1.1%, to $45.10.
Gold tried to leaven things out, with Iamgold soaring 45 cents, or 7.2%, to $6.68, while Aya Gold & Silver strengthened 97 cents, or 5.6%, to $18.35.
In materials, K92 Mining (TSX:KNT) jumped $1.30, or 16.6% to $6.80, while Orla Mining (TSX:OLA) grew 53 cents, or 9.4%, to $6.18.
Energy stocks excelled, with Kelt Exploration (TSX:KEL) hiking 28 cents, or 4.3%, to $6.80, while Headwater Exploration (TSX:HWX) acquired 25 cents, or 3.7%, to $6.94.
Markets are now awaiting Canadian unemployment data due on Friday for more insights on Bank of Canada's policy move later this month.
ON BAYSTREET
The TSX Venture Exchange took on 4.97 points to 595.81.
Seven of the 12 TSX subgroups were lower midday, weighed most by real-estate, down 1%, while financials and communications, each falling 0.5%.
The five gainers were led by energy, rumbling 1.8%, gold, shinier 1.4%, and materials, better by 0.9%.
ON WALLSTREET
Stocks declined Thursday, with the S&P 500 and Dow Jones Industrial Average falling from records as economic data pointed to stubborn inflation.
The blue-chip index lost 57.88 points to 42,544.12.
The much-broader index settled 11.99 points to 5,780.05.
The NASDAQ Composite slid 9.57 points to 18,282.65
In other news, Universal Insurance surged about 12% as Hurricane Milton rippled through Florida. Meanwhile, Pfizer (NYSE:PFE) fell roughly 3% after activist investor Starboard Value accused the drug maker of threatening litigation against two former executives. Advanced Micro Devices (NASDAQ:AMD) fell 4% after launching a competing artificial intelligence chip to Nvidia (NASDAQ:NVDA).
The September consumer price index rose more than expected last month, increasing 0.2% on a monthly basis and bringing the annual inflation rate to 2.4% from the previous year. That came in ahead of the 0.1% monthly gain and 2.3% year-over-year rate expected by analysts polled by Dow Jones. The year-over-year number is the lowest since February 2021.
The data comes as concerns mount that the central bank may slow the pace of future cuts, and ahead of the Federal Reserve’s first policy meeting after September’s super-sized cut. Fed funds futures trading data suggests a 87% likelihood of a quarter-point cut
Prices for the 10-year Treasury gained back lost strength, lowering yields back to Wednesday’s 4.07%. Treasury prices and yields move in opposite directions.
Oil prices gained $2.35 to $75.58 U.S. a barrel.