Stock markets in Canada remained flat on Thursday as investors took a breather a day after the index logged its biggest advance in over seven months as the U.S. Federal Reserve projected further rate cuts for the year.
The TSX Composite Index moved doggedly upward 43.44 points to reach Thursday afternoon at 25,112.65.
The Canadian dollar fell 0.05 cents to 69.77 cents U.S.
Political developments in Canada also took centre stage on Thursday after the Globe and Mail reported that new Prime Minister Mark Carney is expected to call a snap election for Monday, April 28.
The U.S. central bank kept its interest rates on hold and projected two more quarter-point cuts by the end of this year.
In corporate news, potential buyers of Japan's Seven & i and Canada's Alimentation Couche-Tard's U.S. stores have until the end of March to express interest and address antitrust concerns.
Couche-Tard shares eked up 16 cents to $70.90.
Wesdome fell 31 cents, or 1.9%, to $15.82 after the gold miner reported quarterly results.
On the economic calendar, Statistics Canada’s Raw Materials Price Index increased 0.3% month over month and rose 9.3% year over year., while its industrial products price index grew 0.4% month over month and increased 4.9% year over year.
In economic data, producer prices in Canada rose by 0.4% in February from January on higher prices for primary non-ferrous metal products, as well as energy and petroleum products.
ON BAYSTREET
The TSX Venture Exchange inched upward 0.48 points to 638.91.
Seven of the 12 TSX subgroups were positive by noon hour, led by health-care, up 0.6%, while energy and gold each took on 0.3%.
The five laggards were weighed most by telecoms, retreating 1.2%, while real-estate dodged 0.3%, and industrials, off 0.2%.
ON WALLSTREET
The S&P 500 traded into the green on Thursday after some solid housing data assuaged some concerns about the U.S. economy falling into a recession.
The Dow Jones Industrials leaped 127.57 points to 42,092.20.
The broader index prospered 4.68 points to 5.679.97.
The NASDAQ was off its highs of the morning, but still gained 9.06 points to 17,759.85. The tech-heavy index’s rise was supported by gains in megacap technology stocks like Meta Platforms, gaining 4% and Amazon, which advanced more than 1%.
New economic data released Thursday showed that economic worries might actually be overblown. Data from the National Association of Realtors showed that sales of previously owned homes in February rose 4.2% from January, while industry analysts had expected a 3% drop. Additionally, jobless claims were only up slightly last week while layoffs remain low.
Prices for the 10-year Treasury gained ground Thursday, sending yields down to 4.23% from Wednesday’s 4.25%. Treasury prices and yields move in opposite directions.
Oil prices were higher $1.07 to $68.23 U.S. a barrel.
Prices for gold acquired eight dollars an ounce to $3,049.20 U.S.
