Equity markets in Canada’s largest centre notched a record high on Thursday amid gains led by energy shares, while investors assessed AI bellwether Nvidia's upbeat quarterly results that dictated overall market sentiment.
The TSX leaped 354.22 points, or 1.4%, to close Thursday at 25,390.68.
The Canadian dollar was static at 71.59 cents U.S.
Canada's energy sector could extend its incline on Thursday, with oil prices climbing on the back of geopolitical concerns over the escalating tensions between Russia and Ukraine that could potentially disrupt supply from the region.
In corporate news, Manulife Financial said it will reinsure $5.4 billion of its reserves as it looks to transfer some risk from its portfolio and free up capital for stock buybacks. Manulife shares grabbed 63 cents, or 1.4%, to $45.66.
Techs did well, as Constellation Software climbed $134.82, or 3%, to $4,637.89, while Celestica popped $7.21, or 6%, to $128.80.
In energy, Peyto Exploration hiked 97 cents, or 6%, to $17.17, while Vermilion Energy captured 79 cents, or 5.5%, to $15.15.
In industrials, Bombardier spiked $4.96, or 5.2%, to $100.86, while Brookfield Business Partners surged $1.20, or 3.7%, to $34.00
Communications did not fare so well, though, as BCE dipped 58 cents, or 1.5%, to $37.16, while Cogeco dropped 58 cents to $68.41.
Health-care was also pointed downward, as Bausch Health Companies lost seven cents to $11.41, while Chartwell Retirement Residences fell seven cents to $15.95.
On the economic sheet, Statistics Canada’s industrial product price index rose 1.2% in October month over month and increased 1.1% year over year. At the same time, the Raw Materials Price Index increased 3.8% month over month and fell 2.8% year over year.
ON BAYSTREET
The TSX Venture Exchange regained 2.86 points to 599.11.
All but two of the 12 subgroups were higher, led by information technology, up 2.1%, energy, rumbling 1.9%, and industrials, better by 1.6%,
The two laggards proved to be communications, off 0.6%, and health-care, worse off 0.2%
ON WALLSTREET
The Dow Jones Industrial Average and the S&P 500 rose Thursday as investors poured into cyclical stocks poised to benefit from an accelerating economy and rotated out of technology shares such as Nvidia, which just reported quarterly earnings.
The 30-stock index popped 461.88 points, or 1.1%, to 43,870.35.
The much-broader index jumped 31.6 points to 5,948.71.
The NASDAQ Composite eked 6.28 points to 18,972.42.
Some of Thursday’s winners included bank stocks such as Goldman Sachs, industrials giant Caterpillar and retailer Home Depot.
Some other technology stocks felt the pressure. Amazon slumped nearly 3%, while Meta Platforms slipped about 1%. Alphabet declined by 6%, falling for a second session on antitrust fears. Snowflake was one bright spot in the sector, popping nearly 30% after the company topped Wall Street’s estimates and lifted its product revenue guidance for the fiscal year. Salesforce rallied about 5%, helping to lift the Dow.
Bitcoin also hit a fresh milestone, crossing the $98,000 level for the first time late Wednesday as investors maintained their hopes that a second Donald Trump presidency will usher in supportive regulation for the industry. It was last trading around $96,566.
Prices for the 10-year Treasury were unchanged, keeping yields at Wednesday’s 4.42%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.46 to $70.21 U.S. a barrel.
Prices for gold took on $21.70 an ounce to $2,671.40 U.S.
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