Street Calls of the Week
Baystreet.ca -
Canada’s main stock index slumped by the end of the session on Thursday, as earlier momentum gave way to pessimism in the wake of U.S. President Trump’s tariffs.
The TSX Composite Index declined 46.13 points to close Thursday at 24,795.55.
The Canadian dollar slipped 0.25 cents at 72.25 cents U.S.
In corporate news, Alimentation Couche-Tard and Japan’s Seven & i said they have signed a non-disclosure agreement that will give the Canadian company access to the Japanese retailer’s financial data as it seeks a $47-billion acquisition.
Couche-Tard shares tailed off $2.28, or 3.2%, to finish the day at $69.68.
Thomson Reuters (TSX:TRI) shares gained 52 cents to $257.05, after it reaffirmed the 2025 financial forecast amid tariff-induced global economic turmoil.
Gold was the chief culprit among losers, Alamos Gold (TSX:AGI) taken down $3.70, or 9.3%, to $35.71, while Aya Gold stiffed 80 cents, or 8.4%, to $8.68.
In materials, Orla Mining (TSX:OLA) lost 87 cents, or 5.7%, to $14.31, while SSR Mining (TSX:SSRM) gave back 73 cents, or 5%, to $13.95.
In telecoms, BCE (TSX:BCE) was worse off 96 cents, or 3.1%, to $29.68, while Rogers slid 76 cents, or 2.1%, to $35.18.
On the upside, Baytex Energy (TSX:BTE) led energy issues higher, 13 cents, or 6.1%, to $2.26, while Precisioin Drilling captured $1.79, or 3.1%, to $59.47.
Tech stocks were also in the green, with Celestica (TSX:CLS) higher by $5.88, or 5%, to $123.51, while Quarterhill gained seven cents, or 5%, to $1.48.
In real-estate, Canadian Apartment REIT units zoomed $1.14, or 2.7%, to $43.24, while Boardwalk REIT (TSX:BEI_u) units improved $1.74, or 2.7%, to $66.75.
In the economic docket, Markit reports its Manufacturing PMI in Canada decreased to 45.3 points in April from 46.3 points in March.
ON BAYSTREET
The TSX Venture Exchange shed 7.47 points, or 1.1%, to 646.15.
The 12 subgroups were evenly split by the closing bell Thursday, as gold dumped 3.4%, materials were off 2.2%, and telecoms were 1.5% to the bad.
The half-dozen gainers were led by energy, rumbling 1.4%, information technology, hiking 1.3%, and real-estate climbed 1.1%.
ON WALLSTREET
Stocks rose on Thursday after strong quarterly results from two Big Tech players eased concerns that artificial intelligence progress would slow amid economic turmoil.
The Dow Jones Industrials fell off its highs of the day, but remained buoyant 83.42 points to 40,752.78.
The S&P 500 index garnered 35.06 points to 5,604.12
The NASDAQ Composite soared 264.4 points, or 1.5%, to 17,710.74.
Investor fears that President Donald Trump’s tariffs and a downturn in the U.S. economy would threaten the AI trade were assuaged after Meta (NASDAQ:META) Platforms posted stronger-than-expected revenue in the first quarter, with Meta’s Chief Executive Mark Zuckerberg saying on an earnings call Wednesday that the business is “performing very well” and that it’s “well positioned to navigate the macroeconomic uncertainty.”
Microsoft (NASDAQ:MSFT) also reported top- and bottom-line beats in the fiscal third quarter as well as strong results from its Azure cloud business. On top of that, the company offered upbeat guidance, further alleviating some concerns about tech companies’ performance in the months ahead.
Those results sent shares up about 10%, while Meta shares advanced more than 5%. Other names like AI chip darling Nvidia (NASDAQ:NVDA) also gained more than 3%.
Denting Thursday’s bullishness somewhat was a jump in weekly jobless claims to 241,000, more than the Dow Jones estimate of 225,000.
That jump exacerbated further concerns about the economy after the weak first-quarter gross-domestic-product report earlier in the week and raises the stakes for April’s non-farm payrolls reading on Friday.
Prices for the 10-year Treasury fell back, raising yields to 4.21% from Wednesday’s 4.16%. Treasury prices and yields move in opposite directions
Oil prices climbed 85 cents to $59.06 U.S. a barrel.
Prices for gold sank $83.50 to $3,235.20 U.S.