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TSX Flies Midday Thursday

Published 2024-06-20, 08:08 a/m
© Reuters TSX Flies Midday Thursday

Baystreet.ca - Canada's main stock index rose on Thursday as higher commodity prices lifted mining and energy shares.The TSX Composite Index gained 85.12 points to move into Thursday afternoon at 21,602.02.The Canadian dollar edged up 0.03 cents to 72.99 cents U.S. In corporate news, Canadian carrier WestJet Airlines, backed by Onex Corp (TSX:ONEX), said it was working to resume normal operations after the union representing its maintenance engineers rescinded its strike notice.

Both parties have agreed to return to the bargaining table. Onex shares gave back their gains, erasing 13 cents to $91.25. Barrick Gold (NYSE:GOLD) was among the brightest of its brethren, picking up 74 cents, or 3.3%, to $23.36. Imperial Oil (TSX:IMO) gained $1.37, or 1.5%, to $91.37. Elsewhere, Empire Company (TSX:EMPa) shares rose $1.78, or 5.5%, to $34.14 after it reported better-than-expected earnings in the fourth quarter.

ON BAYSTREET The TSX Venture Exchange backtracked 0.22 points to 571.66. All but two of the 12 subgroups gained ground, with gold leaping 2.1%, while materials hiked 1.8%, and energy spiked 1.1%. Utilities fell 0.4%, while financials were poorer by 0.1%.

ON WALLSTREET The S&P 500 rose on Thursday, briefly to pass 5,500 for the first time ever, as the artificial intelligence-driven rally in Nvidia (NASDAQ:NVDA) showed no signs of slowing down.The Dow Jones Industrials stayed higher 83.88 points to 38,918.74.The much-broader index eked higher 2.05 points to 5,489.08.

The NASDAQ faded 16.15 points, to 17,846.08.Nvidia rose 2.7%, building on the previous session’s gains that cemented the chipmaker as the most valuable public company. Shares of the de facto market leader have climbed more than 180% this year as the AI boom continues to boost equities even as consumers show slowing signs of spending and some potential economic weakness.Darden Restaurants (NYSE:DRI) edged up 2% after topping earnings expectations, while Trump Media & Technology Group sank 10%, building on Tuesday’s loss.Stocks are headed for a winning week as the S&P continues notching new records, alongside the Nasdaq Composite.

The stock market was closed Wednesday for the Juneteenth holiday.Fresh economic data released Thursday contributed to some recent signs of a slowing economy. That data included higher-than-expected weekly jobless claims and poor housing starts and permits. A reading of the Philadelphia fed Manufacturing Index also came in below expectations.Prices for the 10-year Treasury sagged, raising yields to 4.28% from Tuesday’s 4.21%. Treasury prices and yields move in opposite directions. Oil prices gained 76 cents to $81.93 U.S. a barrel. Gold prices rose $21.60 to $2,368.50

This content was originally published on Baystreet.ca

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