Canadian Market Modestly Higher; Materials Shares Rise On Firm Metal Prices

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(RTTNews) - The Canadian market is modestly higher Thursday afternoon, led by gains in materials stocks thanks to firm metal prices. The undertone remains fairly positive amid optimism about interest rate cuts by central banks.

The benchmark S&P/TSX Composite Index is up 47.19 points or 0.22% at 21,564.09.

The Materials Capped Index is up 1.85%. Silvercrest Metals (SIL.TO), Pan American Silver Corp (PAAS.TO) and Ero Copper (ERO.TO) are up 5.5%, 4.5% and 4.2%, respectively.

Oceanagold (OGC.TO), First Majestic Silver Corp (AG.TO), Capstone Mining Corp (CS.TO), B2Gold Corp (BTO.TO), New Gold Inc (NDG.TO) and Barrick Gold Corporation (ABX.TO) are up 2.7 to 4%.

Healthcare stock Bausch Health Companies (BHC.TO) is climbing 7%. Sienna Senior Living (SIA.TO) is up 1.2%.

In the energy sector, International Petroleum Corp (IPCO.TO) is up 2%. Veren Inc (VRN.TO), Canadian Natural Resources (CNQ.TO), Vermilion Energy (VET.TO), Imperial Oil (IMO.TO), Africa Oil Corp (AOI.TO) and Precision Drilling Corporation (PD.TO) are gaining 1 to 1.8%.

Empire Company Ltd. (EMP.A.TO) is rising 5% after reporting fourth quarter net earnings of $148.9 million ($0.61 per share) compared to $182.9 million ($0.72 per share) last year.

Aurora Cannabis Inc (ACB.TO) is down nearly 4%. The company reported a net loss of $20.8 million from continuing operations for the three months ended March 31, 2024, compared to net loss of $76.2 million for the prior year period.

On the economic front, data from Statistics Canada showed new home prices in Canada were up 0.2% in May 2024, in line with market forecasts, following also a 0.2% increase in the previous month.

U.S. Services Index Unexpectedly Climbs To Two-Year High In October

Service sector activity in the U.S. unexpectedly grew at an accelerated rate in the month of October, according to a report released by the Institute for Supply Management on Tuesday. The ISM said its services PMI rose to 56.0 in October from 54.9 in September, with a reading above 50 indicating growth. The uptick surprised economists, who had expected the index to dip to 53.8.

RTTNews | il y a 5h 50min

U.S. Trade Deficit Widens To Largest In Over Two Years In September

A report released by the Commerce Department on Tuesday showed a substantial increase in the size of the U.S. trade deficit in the month of September, as imports surged and exports slumped. The Commerce Department said the trade deficit widened to $84.4 billion in September from a revised $70.8 billion in August.

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U.S. Trade Deficit Widens Significantly In September

A report released by the Commerce Department on Tuesday showed a substantial increase in the size of the U.S. trade deficit in the month of September, as imports surged and exports slumped.

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Bay Street Likely To Open With Positive Bias

Canadian shares may open with a positive bias on Tuesday, tracking higher crude oil and metal prices. The focus is on the U.S. Presidential election, and the upcoming monetary policy announcement from the Federal Reserve. Investors will also be reacting to a slew of earnings updates, and key economic data.

RTTNews | il y a 8h 52min

UK Service Sector Logs Weakest Growth In Almost A Year

The UK service sector grew at the slowest pace since November last year as heightened uncertainty and concerns about the domestic economic outlook damped new work, the S&P Global purchasing managers' survey showed on Tuesday. The final services Purchasing Managers' Index registered 52.0 in October, down from 52.4 in September. The reading was above the initial estimate of 51.8.

RTTNews | il y a 9h 10min

Spain Unemployment Rises In October

Joblessness in Spain increased in October but logged the smallest gain for the month since 2006 except for the pandemic years of 2021 and 2022, data from the labor ministry showed on Tuesday. The number of unemployed rose by 26,769 persons, which was a below average increase for the month of October. Economists were looking for an increase of 26,500 persons.

RTTNews | il y a 9h 46min

Yen Falls Amid BoJ Rate Hike Uncertainty

The Japanese yen weakened against other major currencies during the European session on Tuesday, as traders remain cautious amid a rare political crisis following a Japanese snap election that raises doubts about the Bank of Japan's capacity to raise interest rates further and the U.S. election.

RTTNews | il y a 10h 15min

Boeing Strike Ends As Machinists Accept New Contract

Nearly two months long strike at Boeing Co. has ended after a majority of around 33,000 frontline workers voted to approve a new contract that will deliver 43.65 percent compounded wage increase. Following the deal, Boeing shares were gaining around 1.91 percent in the pre-market activity on the NYSE to trade.

RTTNews | il y a 10h 47min

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