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TSX Scratches out Gains


The TSX moved up and down like a yo-yo Wednesday, barely finishing above the breakeven point, powered by tech and real-estate issues.

The TSX Composite acquired enough momentum to close higher 11.44 points to 20,969.18.

The Canadian dollar collected 0.16 cents at 74.28 cents U.S.

Tech issues led the winners, with Docebo jumping $2.33, or 4 4%, to $60.14, while Coveo Solutions acquired 36 cents, or 3.1%, to $11.96.

In real-estate, CAPREIT units progressed $1.04, or 2.2%, to $48.55, while RioCan REIT gained 26 cents, or 1.5%, to $18.23.

Industrials issues were also strong, with TFI International popping $6.45, or 3.5%, to $188.56, while Element Fleet Management added 25 cents, or 1.1%, to $22.75.

Utilities weighed things down, though, with Canadian Utilities sagging 62 cents, or 2%, to $30.03, while Brookfield Infrastructure Partners lost 71 cents, or 1.7%, to $41.68.

In materials, First Quantum Minerals dipped 42 cents, or 3.4%, to $12.10, while Fortuna Silver Mines retreated 12 cents, or 2.9%, to $4.08.

In gold stocks, Alamos Gold dipped 48 cents, or 2.8%, to $16.54, while Novagold let go of 17 cents, or 5.3%, to $3.06.

On the economic board, Statistics Canada reported in December, Canada’s merchandise exports decreased 1.9%, while imports edged up 0.2%. As a result, Canada’s merchandise trade balance went from a surplus of $1.1 billion in November to a deficit of $312 million in December.

Moveover, the Bank of Canada admitted Wednesday it isn’t sure when it will be able to start cutting interest rates as it continues to contend with inflation that’s still too high and broad-based.

ON BAYSTREET

The TSX Venture Exchange slid 0.84 points to 547.32.

Eight of the 12 subgroups were lower by the end of Wednesday, with utilities slumping 1%, materials slipping 0.8%, gold lower by 0.7%.

The four gainers were led by information technology, up 1.4%, real-estate up 0.5%, industrials, ahead 0.3%.

ON WALLSTREET

The S&P 500 rose Wednesday and edged closer to the 5,000 level, notching a closing high as investors parsed through another slate of quarterly results that signaled a flourishing economy.

The Dow Jones Industrial Average climbed 156 points to greet the closing bell Wednesday at 38,677.36.

The S&P 500 index jumped 40.83 points to 4,995.06.

The NASDAQ index popped 147.65 points, or 1%, to 15,756.65.

Stocks rallied as investors weighed a fresh batch of strong corporate profits and major technology behemoths continued their march higher. Nvidia and Microsoft climbed about 2% to trade near fresh highs, while Meta Platforms surged 2.9%. Alphabet and Amazon rose 0.9% each.

Enphase Energy popped 16% after the solar company said its inventory glut may be nearing a bottom, boosting other solar stocks in sympathy. Ford gained 5% after beating Wall Street’s fourth-quarter estimates and issuing higher-than-expected guidance, while Chipotle Mexican Grill climbed 9% on strong earnings and traffic.

A strong earnings season, coupled with expectations for an interest rate cut by the Federal Reserve, has been a source of strength on Wall Street. Much of the earnings upside’s been driven by megacap technology and artificial intelligence-focused names, a phenomenon that’s also contributed to narrow market breadth.

Results also expected from Walt Disney, PayPal and Arm Holdings after the bell.

Prices for the 10-year Treasury settled, raising yields 4.12% from Tuesday’s 4.09%. Treasury prices and yields move in opposite directions.

Oil prices climbed 78 cents to $74.09 U.S. a barrel.

Gold prices retreated 30 cents to $2,051.10.



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