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.
Image Souce: Krish Capital Pty Ltd Index Update: The benchmark S&P/TSX Composite Index posted a new all-time high of 25,593.47 and closed up 55.22 points or 0.22% at 25,543.52. Macro Update: Data from Statistics Canada showed that average weekly earnings of non-farm payroll employees in Canada rose by 5.2% year-on-year to $1,280.3 in September 2024, the largest increase since March 2021, following a 4.9% increase in August. Top Movers: Dye & Durham (DND.TO), ATS Corporation (ATS.TO), Morguard Corporation (MRC.TO) and Rogers Communications (RCI.A.TO) climbed 2.3 to 4%. Celestica Inc (CLS.TO), Parkland Corporation (PKI.TO), TFI International (TFII.TO), Bombardier Inc (BBD.B.TO), goeasy (GSY.TO), Cameco Corporation (CCO.TO), Dayforce (DAY.TO) and GFL Environmental (GFL.TO) also closed notably higher. Our Stance: Currently, the index is testing a critical support level of around 24,850. Maintaining this level is essential for sustaining upward momentum; a drop below could lead to a pullback, with important support thresholds identified at 24,300 and 24,000. For the index to continue its upward trajectory, it’s crucial to stay above these key levels, as they will serve as indicators for future performance. Investors will be watching closely to see if the market can hold this support in the coming days. Commodity Update: The
Image Souce: Krish Capital Pty Ltd Index Update: The benchmark S&P/TSX Composite Index climbed 83.16 points or 0.3 percent to a new record closing high of 25,488.30. Macro Update: While the Federal Reserve's preferred inflation readings showed an acceleration by the annual rate of consumer price growth, the data has still increased optimism the central bank will cut interest rates again next month. Top Movers: Investment management giant Brookfield led the advance with a 1.9% increase, while railway operators Canadian National and Canadian Pacific rebounded with respective gains of 1.2% and 1%. Additional contributors included Loblaw Companies, Canadian Natural, and Great West Lifeco, which added between 0.7% and 1.5%. Our Stance: Looking ahead, the index is positioned above a key rising trendline around the 24,900 mark. Staying above this trend line is critical for maintaining the current upward momentum. Should the index fall below this level, it could test lower support levels, potentially revisiting the 24,500 area. Commodity Update: Asian stocks were subdued on Thursday, while the U.S. dollar remained weak after U.S. data revealed that progress in slowing inflation had stalled, despite a resilient economy. This raised uncertainty about the Federal Reserve's next steps for the upcoming year. With
Image Souce: Krish Capital Pty Ltd Index Update: The Canadian market ended down on Tuesday as trade war fears resurfaced after U.S. President-elect Donald Trump threatened that he will impose 25% tariffs on imports from Canada, Mexico and China. The benchmark S&P/TSX Composite Index, which fell to 25,288.46 in early trades, closed down 5.21 points or 0.02% at 25,405.14 Macro Update: Data from Statistics Canada showed wholesale sales in Canada increased by 0.5% month-over-month in October 2024, following a 0.8% gain in September, according to preliminary estimates. Top Movers: Quebecor Inc (QBR.A.TO), Brookfield Asset Management (BAM.TO), Agnico Eagle Mines (AEM.TO), Wheaton Precious Metals (WPM.TO), Russel Metals (RUS.TO), Franco-Nevada Corporation (FNV.TO), Celestica Inc (CLS.TO) and Metro (MRU.TO) lost 2 to 4.5%. Our Stance: From a technical perspective, the immediate support level is seen at 24,900. If the index holds above this level, it could set the stage for a rebound. On the other hand, a break below this support could lead to a deeper correction, with key support zones at 24,500 and 24,200. Commodity Update: The U.S. dollar remained stable against major currencies on Wednesday as investors digested President-elect Donald Trump’s tariff proposals while awaiting key U.S. inflation data. In the
Image Souce: Krish Capital Pty Ltd Index Update: Despite posting a new all-time high around mid-morning, the Canadian market ended on a negative note on Monday, due to sharp losses in energy and materials sectors. The benchmark S&P/TSX Composite Index ended down 33.93 points or 0.13% at 25,410.35. Macro Update: On the economic front, data from Statistics Canada said manufacturing sales in Canada likely rose by 1.3% month-over-month in October, rebounding from a 0.5% decline in September against expectations of a 0.8% drop, according to preliminary estimates. Top Movers: Richelieu Hardware (RCH.TO), Aritzia Inc (ATZ.TO), Shopify Inc (SHOP.TO), Magna International (MG.TO), Bombardier Inc (BBD.B.TO), MTY Food Group (MTY.TO), Onex Corporation (ONEX.TO), Linamar Corporation (LNR.TO), FirstService Corporation (FSV.TO) and Canadian Tire Corporation (CTC.A.TO) gained 2.3 to 5%. Our Stance: The Relative Strength Index (RSI) is now at a relatively high 70.07, suggesting the market may be in overbought territory. This could point to a potential softening in momentum, and traders should watch closely for signs of a shift in market dynamics. Key technical levels are in focus, with immediate support at 24,900. Holding above this level could pave the way for a rebound, while a breach could signal a deeper correction,
Image Souce: Krish Capital Pty Ltd Index Update: The benchmark S&P/TSX Composite Index, which advanced to a new all-time high of 25,478.37, settled at 25,444.28 with a gain of 53.60 points or 0.21%. Macro Update: On the economic front, retail sales in Canada are expected to have surged by 0.7% from the previous month in October, according to flash estimate. Retails in Canada rose by 0.8% year-on-year in September, following a 1.4% increase in the previous month. Data from Statistics Canada showed industrial producer prices in Canada rose by 1.2% month-over-month in October, rebounding from a revised 0.8% decline in the previous month. On a yearly basis, producer prices rose by 1.1% in October, after a revised 1% fall in the previous month. Top Movers: Hut 8 Corp (HUT.TO) zoomed 10.5%. ATS Corporation (ATS.TO) climbed 7.2%. Softchoice Corporation (SFTC.TO), Endeavour Mining (EDV.TO), Finning International (FII.TO), ATCO (ACO.Y.TO), Bombardier Inc (BBD.B.TO), RB Global (RBA.TO), Magna International (MG.TO) and Canadian Pacific Kansas City (CP.TO) gained 2 to 4%. Our Stance: Currently, the index is testing a critical support level around 24,850. Maintaining this level is essential for sustaining upward momentum; a drop below could lead to a pullback, with important support thresholds
Image Souce: Krish Capital Pty Ltd Index Update: The benchmark S&P/TSX Composite Index, which climbed to a new record high of 25,402.06, ended the session with a gain of 354.22 points or 1.41% at 25,390.68. Macro Update: The Canadian government unveiled a mini stimulus package. The measures announced by the government will cost the Canadian treasury an estimated 6.3 billion Canadian dollars, and include a temporary, two-month sales-tax exemption on certain goods and services. Furthermore, the Liberal government will issue a onetime tax-free cash transfer of C$250 to individuals who earn less than C$150,000 Canadian dollars a year. Data from Statistics Canada showed industrial producer prices in Canada rose by 1.2% month-over-month in October, rebounding from a revised 0.8% decline in the previous month. On a yearly basis, producer prices rose by 1.1% in October, after a revised 1% fall in the previous month. Top Movers: Dayforce Inc (DAY.TO), Tourmaline Oil Corp (TOU.TO), AtkinsRealis Group (ATRL.TO), Magna International (MG.TO), Constellation Software (CSU.TO), Royal Bank of Canada (RY.TO), TFI International (TFII.TO), Shopify Inc (SHOP.TO), Metro Inc (MRU.TO), Stantec Inc (STN.TO), Canadian Pacific Kansas City (CP.TO), Canadian National Railway (CNR.TO), West Fraser Timber (WFG.TO) and Dollarama (DOL.TO) climbed 2 to 3.7%. Our
Image Souce: Krish Capital Pty Ltd Index Update: The benchmark S&P/TSX Composite Index closed up 25.69 points or 0.1% at 25,036.46, slightly off the day's high. The index dropped to a low of 24,909.72 a little before noon. Macro Update: Canada 10 Year Government Bond Yield increased to a 16-week high of 3.38%. Additionally, annual inflation rate in Canada rose to 2% in October from an over-three-year low of 1.6% in the previous month. Top Movers: Tenaz Energy (TNZ.TO) gained about 5.5%. Tourmaline Oil Corp (TOU.TO) climbed 4.5%. Precision Drilling Corporation (PD.TO) advanced nearly 4%. Keyera Corp (KEY.TO), K-Bro Linen (KBL.TO), CCL Industries (CCL.B.TO), Calian Group (CGY.TO) and Brookfield Renewable Corporation (BEPC.TO) moved up 2 to 3%. Our Stance: The index is currently testing a crucial support level around 24,500. Holding this level is important for maintaining upward momentum. A breach below 24,400 could signal a retracement risk, with key support levels on the weekly chart identified at around 24,000 to 23,800. To sustain the bullish trend, it is essential for the index to hold above these support levels, ensuring continued growth potential in the near term. Commodity Update: The U.S. dollar held steady on Thursday as traders awaited more
Image Souce: Krish Capital Pty Ltd Index Update: Canadian stocks tumbled Tuesday morning, hurt by hot inflation data and escalating geopolitical tensions, but recovered gradually to eventually end the day's session on a slightly positive note. The benchmark S&P/TSX Composite Index, which dropped nearly 200 points to 24,787.79 in early trades, settled at 25,010.77, gaining 33.83 points or 0.14%. Macro Update: Data from Statistics Canada showed the annual inflation rate in Canada rose to 2% in October from an over-three-year low of 1.6% in the previous month. The consumer price index increased 0.4% in October over the previous month. The annual core inflation rate in Canada increased to 1.7% in October, up from 1.6% a month earlier. On a monthly basis, core consumer prices rose by 0.4% in October, after being flat in the prior month. Top Movers: Dye & Durham (DND.TO) closed with a big gain of 13.2%. Celestica Inc (CLS.TO), Torex Gold Resources (TXG.TO), Agnico Eagle Mines (AEM.TO), Quebecor (QBR.A.TO), Wheaton Precious Metals (WPM.TO), Cameco Corporation (CCO.TO) and Franco-Nevada Corporation (FNV.TO) gained 2 to 3%. Our Stance: Currently, the index is testing an important support level around 24,500. Holding above this level is crucial to maintaining upward momentum.
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