Baystreet.ca - Equities in Canada’s largest centre maintained its positive direction Thursday, with utility and tech stocks leading the way.
The TSX gained 56.9 points to close Thursday at 24,846.20.
The Canadian dollar dropped 0.35 cents at 69.46 cents U.S.
Orla Mining (TSX:OLA) said it produced 26,531 ounces of gold in the fourth quarter, bringing annual gold production for 2024 to 136,748 ounces. Shares in Orla lost 14 cents, or 1.7%, to $8.24.
The materials sector rose with miners MAG Silver (TSX:MAG) and Pan American Silver (TSX:PAAS) leading gains. MAG gathered 32 cents, or 1.5%, to $21.80, while Pan American tacked on 49 cents. or 1.6%, to $30.89.
Utilities were stars of the show Thursday, as Northland Power (TSX:NPI) gained 86 cents, or 4.7%, to $19.00, while TransAlta (TSX:TA) climbed 75 cents, or 4%, to $19.67.
Among tech stocks, Celestica (TSX:CLS) jumped $6.17, or 4%, to $160.03, while Sangoma Technologies took on 71 cents, or 3%, to $10.60.
In consumer staples, Alimentation Couche-Tard advanced $1.02, or 1.4%, to $76.30, while George Weston (TSX:WN) hiked $2.64, or 1.2%, to $217.15.
Energy tailed off, though, as Tamarack Valley (TSX:TVE) Energy doffed 23 cents, or 4.7%, to $4.68, while MEG Energy (TSX:MEG) flopped 85 cents, or 3.5%, to $23.15.
Among materials, Fortuna Silver Mines (TSX:FVI) collapsed 23 cents, or 3.6%, to $6.19, while First Quantum Minerals (TSX:FM) dipped 71 cents, or 3.7%, to $18.77.
In gold stocks, Kinross Gold (TSX:K) backpedaled 54 cents, or 3.5%, to $14.74, while Torex Gold (TSX:TXG) fell $1.11, or 3.9%, to $27.71.
On the economic front, Canada Mortgage and Housing Corporation said housing starts housing starts in Canada plunged by 13.35% month-over-month to 231,500 units in December 2024, the lowest level in three months and below market expectations of 245,000 units.
ON BAYSTREET
The TSX Venture Exchange eked higher 0.62 points to 608.44.
All but three of the 12 TSX subgroups were higher on the day, led by utilities, up 2.2%, information technology pointed higher 1% and consumer staples battled higher 0.9%, utilities.
The three losing groups consisted of energy, losing 1.9%, materials, sliding 0.6%, and gold, off 0.2%
ON WALLSTREET
The S&P 500 slipped Thursday, ending a three-day winning streak, as big tech shares pulled back.
The Dow Jones Industrials descended 68.42 points to 43,153,13
The much-broader index lost 12.57 points to 5,937.34,
The NASDAQ Composite declined 172.94 points to 19,338.29.
Morgan Stanley (NYSE:MS) climbed 3% after posting a top- and bottom-line beat in the fourth quarter on strong investment banking activity and fixed income trading revenue. Bank of America (NYSE:BAC) inched down 1% despite having reported an earnings and revenue beat in the prior quarter. The results come a day after other financial peers such as JPMorgan Chase (NYSE:JPM) and Goldman Sachs (NYSE:GS) also beat fourth-quarter estimates.
The major averages gave up gains from earlier in the day, which came on the back of strong corporate earnings. Morgan Stanley beat earnings expectations, sending the stock up 4%. Bank of America also exceeded bottom-line estimates, but the stock slipped about 1%. The results come a day after other financial peers such as JPMorgan Chase and Goldman Sachs also beat fourth-quarter estimates.
The earnings season is off to a strong start overall, with 77% of the companies that have reported thus far beating expectations.
Prices for the 10-year Treasury surged, lowering yields to 4.62% from Wednesday’s 4.65%. Treasury prices and yields move in opposite directions.
Oil prices skidded $1.33 to $78.71 U.S. a barrel.
Prices for gold hiked $29.30 an ounce to $2,747.10 U.S.