🔺 What to do when markets are at an all-time high? Find smart bargains, like these.See Undervalued Stocks

TSX Sustains Mild Losses

Published 2024-10-24, 12:27 p/m
© Reuters.  TSX Sustains Mild Losses
US500
-
DJI
-
IXIC
-
GSPTSE
-
AQN
-
CLS
-
CIGI
-
NVA
-
T
-
SPCDNX
-
BLX
-
TECKa
-
RCIa
-
OR
-
EQX
-

Baystreet.ca - Equities in Toronto battled back toward the end of Thursday, digging out from session lows following a severe rate cut by the Bank of Canada on Wednesday.

The TSX was off its lows of the day, but still down 22.07 points to end Thursday at 24,551.55.

The Canadian dollar stumbled 0.08 cents to 72.18 cents U.S.

In corporate news, Teck Resources (TSX:TECKa) beat third-quarter profit estimates, helped by higher production of copper at its Quebrada Blanca mine. Teck shares lost $3.73, or 5.4%, to $64.85.

Communications lost ground, hurt by a decline of $1.56, or 2.9%, in Rogers Communications (TSX:RCIa) to $52.73 as it missed market expectations for third-quarter wireless subscriber additions.

In contrast, information technology rose, benefitting from a jump of $14.57, or 18.3%, in Celestica (TSX:CLS) to $94.04, after it reported third-quarter results.

Gold weighed the sectors downward, with Equinox Gold (TSX:EQX) failing 24 cents, or 2.9%, to $8.09, while Osisko Gold (TSX:OR) Royalties dipped 44 cents, or 1.5%, to $28.47.

Elsewhere in communications, TELUS (TSX:TIXT) Corporation docked 26 cents, or 1.2%, to $22.11.

Utilities also took some knocks, as Algonquin Power (TSX:AQN) and Utilities ditched 17 cents, or 2.4%, to $6.79, while Boralex (TSX:BLX) lost 79 cents, or 2.2%, to $35.03.

Elsewhere in techs, Sylogist gained 25 cents, or 2.4%, to $10.72.

Real-estate reached higher, as Colliers International (TSX:CIGI) hiked nine dollars, or 2.8%, to $262.65, while First Service grabbed $7.09, or 2.8%, to $262.65

In energy stocks, CES Energy (TSX:CEU) Solutions tacked on 40 cents, or 5.5%, to $7.74, while Nuvista Energy gained 38 cents, or 3.6%, to $10.93.

ON BAYSTREET

The TSX Venture Exchange recovered 8.35 points, or 1.4%, to 621.07.

All but three of the 12 TSX subgroups lost ground Thursday, with gold dropping 3.7%, while communications and utilities each docked 0.9%.

The three gainers consisted of information technology, up 1.2%, real-estate, up 0.6%, and energy, rumbling 0.5%.

ON WALLSTREET

The S&P 500 bounced back on Thursday, posting its first positive day in a week that has been beset by higher rates and lackluster earnings.

The Dow Jones Industrials fell 140.59 points to conclude Thursday at 42,374.36.

The broader index powered ahead 12.44 points to 5,809.86.

The NASDAQ jumped 138.83 points to 18,415.49.

Tesla (NASDAQ:TSLA) was the best-performing stock in the broad-market index. The electric vehicle manufacturer surged more than 22% after posting third-quarter results that beat analyst expectations, putting the stock on track for its best day since 2013. Molina Healthcare gained about 19% on better-than-expected earnings and revenue, and Whirlpool (NYSE:WHR) and UPS also jumped after posting results.

Dragging the Dow was IBM (NYSE:IBM), which fell more than 6% as the company’s consulting revenue narrowly missed analysts’ estimates. Boeing (NYSE:BA) also slipped more than 1.5% after its machinists rejected a new labor contract.

Roughly 160 S&P 500 companies have posted quarterly results so far, but their earnings are not meeting expectations. The blended growth rate, which tracks reports that have already come out and estimates for those set to report, indicate an overall S&P 500 earnings growth rate of 3.4% from the year-earlier period — falling short of analysts’ projections.

Prices for the 10-year Treasury gained, pulling down yields to 4.21% from Wednesday’s 4.24%. Treasury prices and yields move in opposite directions.

Oil prices backtracked 22 cents to $70.55 U.S. a barrel.

Prices for gold jumped $19.10 an ounce to $2.748.50 U.S.

This content was originally published on Baystreet.ca

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.