Equities in Canada’s largest centre sprang higher on Tuesday, powered largely by consumer plays
The TSX shot higher 296.30 points, or 1%, to greet Tuesday’s closing bell at 30,900.65.
The Canadian dollar poked ahead 0.04 cents to 70.92 cents U.S.
On the trade front, Canada and India are close to finalizing a uranium export agreement in a deal valued at about $2.8 billion U.S.
In company news, Barrick Gold has agreed to a 244-billion-CFA-francs ($430 million U.S.) settlement with Mali to resolve all disputes over the Loulo-Gounkoto gold mining complex.
Barrick dipped 75 cents, or 1.3%, to $55.18.
Convenience store operator Alimentation Couche-Tard jumped $3.48, or 4.9%, to $74.41 after beating estimates for second-quarter profit.
Elsewhere among consumer staples, Premium Brands International rocketed $4.34, or 4.8%, to $94.81.
In the consumer discretionary sector, BRP Inc. popped $7.23, or 8%, to $98.23, while Canadian Tire jumped $4.88, or 3%, to $109.71.
In industrial stocks, Aecon Group triumphed 88 cents, or 3.4%, to $26.49, while Boyd Group Services captured $8.01, or 3.6%, to $222.48.
ON BAYSTREET
The TSX Venture Exchange changed gears and gained 11.79 points, or 1.3%, to end Tuesday at 892.26.
All but one of the 12 TSX subgroups finished the day in the green, led by consumer staples, ahead 2.6%, consumer discretionary stocks, up 2.2%, and industrials, stronger by 1.7%.
Telecoms were unchanged.
ON WALLSTREET
The Dow Jones Industrial Average rose on Tuesday following a winning session the day before, with traders evaluating expectations of a Federal Reserve interest rate cut and the state of the artificial intelligence trade.
The 30-stock index ballooned 663.87 points, or 1.4%, to 47,112.14.
The S&P 500 index recovered 60.76 points to 6,765.88.
The NASDAQ sprang up 153.59 points to 23,025.99.
The stock market will be closed on Thursday for Thanksgiving Day, and it shuts down early at 1 p.m. ET on Friday.
Investors continue to watch for any news that can affect the Federal Reserve’s upcoming monetary policy decision. Markets are pricing in about an 83% chance of a quarter percentage point cut from the Fed in December,
Alphabet was a winner of Tuesday’s session, trading up around 1% and scoring a new record high, after The Information reported, citing sources, that Meta Platforms was considering spending billions of dollars on the Google parent’s AI chips.
Investors have rallied behind both companies, which are related through their high-performance, application-specific chips, or ASICs, businesses.
Between Meta reportedly considering Alphabet chip purchases and the latter’s announcement just last week of its upgraded AI model known as Gemini 3, the CIO is confident that the broader economy is going to benefit from AI. He noted that compute costs potentially going down from here could make it a lot easier for non-tech companies to “take advantage of the productivity gains and drive earnings growth.”
However, with Nvidia down about 3% following the report, investors could be taking it as a sign that the company’s dominance in the AI chips space might be under threat.
Prices for the 10-year Treasury gained ground, lowering yields to 4% from Monday’s 4.03%. Treasury prices and yields move in opposite directions.
Oil prices slid 89 cents to $57.95 U.S. a barrel.
Gold prices brightened $35.50 to $4,129.70 U.S. an ounce.
