A concise overview of the day's financial market activity, highlighting key stock movements, trends, and major events. Stay updated on market performance and critical shifts that impact your investments.
Index Update: The benchmark S&P/TSX Composite Index fell to 24,250.02 in early trades but recovered soon and then kept moving higher to eventually settle at 24,599.48 with a gain of 185.54 points or 0.76% at 24,599.48. Macro Update: Data from Statistics Canada showed retail sales in Canada increased 1.5% in October over the same month in the previous year. Top Movers: Lightspeed Commerce (LSPD.TO) gained about 4%. Sangoma Technologies (STC.TO), Celestica Inc (CLS.TO), Tecsys (TCS.TO) and Shopify Inc (SHOP.TO) gained 1.7 to 2.25%. Our Stance: With the index holding above its immediate support and displaying strong technical signs, a continued rally could unfold in the upcoming trading sessions. The nearest resistance at 25,000 points, defined by the 21-period Simple Moving Average (SMA), could serve as the initial target for this rally. Commodity Update: The dollar remained steady on Monday following a modest rise in U.S. inflation last month, easing concerns about the speed of upcoming rate cuts. Investor confidence increased after U.S. lawmakers passed a spending bill, avoiding a government shutdown. In the commodities market, gold dipped 0.14% to $2,641.40, while silver surged 0.88% to $30.22. Copper rose 0.40% to $8,991.50, and Brent crude climbed 0.40% to $73.20 per barrel.
Index Update: The Canadian market closed weak on Thursday, falling for the sixth consecutive session, as fears of tariff hikes, hawkish comments from the Federal Reserve, and concerns about economic slowdown. The benchmark S&P/TSX Composite Index settled with a loss of 143.06 points or 0.58% at 24,413.94. Macro Update: Data from Statistics Canada said average weekly earnings of non-farm payroll employees in Canada rose by 5.3% year-on-year to $1,284.43 in October 2024, the fastest pace since March 2021, following a downwardly revised 4.9% increase in September. Top Movers: Propel Holdings (PRL.TO) rallied 6.75%. Aecon Group (ARE.TO), BRP Inc (DOO.TO), TerraVest Industries (TVK.TO), goeasy (GSY.TO), CCL Industries (CCL.B.TO), CGI Inc (GIB.TO), Cameco Corporation (CCO.TO) and Sprott Inc (SII.TO) gained 1.3 to 3.5%. Our Stance: The index is trading near its immediate support at 24,098. Traders are closely monitoring this critical technical level for indications of the market's direction. If the index holds above this support, there may be a chance for a rebound. Conversely, if it falls below 24,098, it could signal further weakness, potentially driving the index toward lower support level at 23,414. Commodity Update: On Friday, the U.S. dollar is set to close the week near a two-year high,
Index Update: The S&P/TSX Composite Index closed to a six-week low on Wednesday, as political uncertainty and fears of tariff war rendered the mood bearish. The S&P/TSX Composite Index settled at 24,557.00, losing 562.71 points or 2.24%, one of the biggest single-session drop in several months. Macro Update: The Fed, which cut interest rate by 25 basis points as widely expected, but the central bank's latest projections suggest rates will be in a range of 3.75 to 4% by the end of 2025 compared to the range of 3.25 to 3.5% forecast in September. Top Movers: Torex Gold Resources (TXG.TO) climbed more than 7%. Sangoma Technologies (STC.TO), GFL Environmental (GFL.TO), Quebecore Inc (QBR.B.TO), Boyd Group Services (BYD.TO), Canadian Tire Corporation (CTC.TO) and K-Bro Linen (KBL.TO) closed with sharp to moderate gains. Our Stance: Immediate support for the index is seen at the 24,000 level, which could act as a critical floor in the event of further declines. If the index holds above this level, there could be a possibility for stabilization and a rebound. Given the mixed signals from key sectors and technical indicators, traders will be closely watching for any signs of stability or further weakness in the days
Index Update: The market digested the nation's consumer price inflation data and looked ahead to the U.S. Federal Reserve's monetary policy announcement on Wednesday. The benchmark S&P/TSX Composite Index ended with a marginal loss of 27.50 points or 0.11% at 25,119.71, recovering gradually from an early low of 25,008.08. Macro Update: Data from Statistics Canada said the annual inflation rate in Canada was at 1.9% in November, easing from 2% in the previous month. The annual core inflation rate in Canada eased to 1.6% in November, from 1.7% in the prior month. On a monthly basis, core consumer prices fell by 0.1% in November, after a 0.4% increase in the prior month. Top Movers: Hut 8 Corp (HUT.TO), AtkinsRealis (ATRL.TO), Methanex Corporation (MX.TO), BRP Inc (DOO.TO), Lightspeed Commerce (LSPD.TO), Badger Infrastructure (BDGI.TO), Enghouse Systems (ENGH.TO) climbed 1.8 to 3%. Our Stance: Traders are closely watching critical technical levels for signs of the market's direction. Immediate support lies at 24,900, which could act as a buffer against further declines. If the index holds above this level, there could be a chance for a rebound, particularly if the energy sector stabilizes. On the other hand, if the index falls below the 24,900
Index Update: The Canadian market closed weak on Monday, extending losses to a third straight session as weak oil and gold prices weighed on energy and materials stocks. The benchmark S&P/TSX Composite Index closed down 127.09 points or 0.5% at 25,147.21. Macro Update: A report from the Canada Mortgage and Housing Corporation said housing starts in Canada rose by 8.4% month-over-month to 262,400 units in November, the highest level in four months. Investors awaited the Federal Reserve's monetary policy announcement, and a slew of key economic data, including reports on Canadian inflation and retail sales reports, and U.S. inflation readings. Top Movers: Hut 8 Corp (HUT.TO) rallied nearly 6.5%. Aritzia Inc (ATZ.TO), Jamieson Wellness (JWEL.TO), Brookfield Asset Management (BAM.TO), ATCO Ltd. (ACO.Y.TO), TerraVest Industries (TVA.TO), Boyd Group Services (BYD.TO), GFL Environmental (GFL.TO) and Toromont Industries (TIH.TO) gained 1.5 to 2.7%. Our Stance: Traders are now closely monitoring key technical levels to gauge the market’s direction. The immediate support for the index lies at 24,900, which may offer some protection against further declines. If the index can hold above this level, there is potential for a rebound, particularly if sectors like energy show signs of stabilization. Commodity Update: The U.S. dollar
Image Souce: Krish Capital Pty Ltd Index Update: The Canadian market closed weak on Friday, amid concerns about global economic growth and tariff hike threats by U.S. President-elect Donald Trump. The benchmark S&P/TSX Composite Index, which opened slightly down, fell to a low of 25,216.42 and ended the day's session at 25,274.30 with a loss of 136.41 points or 0.54%. The index shed about 1.6% in the week. Macro Update: On the economic front, data from Statistics Canada showed manufacturing sales in the country rose 2.1% month-over-month in October, rising for the first time in three months. Wholesale sales in Canada rose 1% month-over-month in October, extending the revised 1.3% increase in September. Top Movers: Transcontinental Inc. (TCL.B.TO) rallied 4.4%. Bausch + Lomb Corporation (BLCO.TO), Bombardier Inc (BBD.B.TO), Hut 8 Corp (HUT.TO), Transcontinental (TCL.A.TO), Senvest Capital (SEC.TO), Descartes Systems Group (DSG.TO), Celestica Inc (CLS.TO), Great-West Lifeco (GWO.TO) and Loblaw Companies (L.TO) gained 1 to 3.5%. Our Stance: The immediate support for the index is at 25,000, a level that could act as a buffer against further declines. If the index manages to hold above this level, a potential rebound could materialize, especially if there is stabilization in sectors like energy.
Index Update: The Canadian market closed significantly lower on Thursday, as equities plummeted on continued selling pressure due to weak commodity prices and rising concerns about US President-elect Donald Trump's tariff threats. The benchmark S&P/TSX Composite Index ended with a loss of 246.99 points or 0.96% at 25,410.71, a more than two week low. Macro Update: Data from Statistics Canada said the total value of building permits in Canada fell 3.1% month-over-month to $12.61 billion in October, retreating from an 11.5% increase in the previous month. Top Movers: Transcontinental Inc. (TCL.B.TO) rallied 4.4%. Bausch + Lomb Corporation (BLCO.TO), Bombardier Inc (BBD.B.TO), Hut 8 Corp (HUT.TO), Transcontinental (TCL.A.TO), Senvest Capital (SEC.TO), Descartes Systems Group (DSG.TO), Celestica Inc (CLS.TO), Great-West Lifeco (GWO.TO) and Loblaw Companies (L.TO) gained 1 to 3.5%. Our Stance: Key technical levels are now in focus as the market navigates this uncertainty. The immediate support for the index is at 25,200, a level that could act as a buffer against further declines. If the index manages to hold above this level, a potential rebound could materialize, especially if there is stabilization in sectors like energy. However, a break below 25,200 could open the door for a deeper pullback, with
Index Update: The benchmark S&P/TSX Composite Index, which stayed in positive territory right through the day's session, closed with a gain of 153.37 points or 0.6% at 25,657.70, slightly off the day's high of 25,674.74. Macro Update: The Bank of Canada said it decided to reduce its target for the overnight rate by 50 basis points to 3.25%, with the Bank Rate at 3.75% and the deposit rate at 3.25%. Top Movers: Novagold (NG.TO), the top gainer in the index, soared more than 9%. Ssr Mining (SSRM.TO) surged 7.7% and Equinox Gold Corp (EQX.TO) rallied 7.1%. New Gold (NGD.TO), Silvercrest Metals (SIL.TO), Iamgold Corp (IMG.TO), Kinross Gold Corp (K.TO), Seabridge Gold (SEA.TO), Alamos Gold (AGI.TO), Aya Gold and Silver (AYA.TO), First Majestic Silver (AG.TO) and Wheaton Precious Metals (WPM.TO) closed up 3.6 to 6.1%. Our Stance: The index is currently testing a critical support level around 24,700. Holding this level is crucial for maintaining upward momentum. A drop below 25,200 could signal the beginning of a retracement, with key support levels on the weekly chart found between 25,200 and 24,900. As long as these support levels hold, the bullish trend should remain intact, leaving room for further growth in the
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