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 Canadian market closed on a firm note on Monday, lifted by gains in energy and materials stocks as commodity prices climbed higher amid an escalation in the Russia - Ukraine war. The benchmark S&P/TSX Composite Index, which climbed to 25,082.87, ended with a gain of 86.26 points or 0.35% at 24,976.94. Macro Update: On the economic front, data from Canada Mortgage & Housing Corporation showed housing starts in Canada increased by 7.8% month-over-month to 240,761 units in October, the highest level in three months. Top Movers: Methanex Corporation (MX.TO), Capital Power Corporation (CPX.TO), Stella-Jones (SJ.TO), Teck Resources (TECK.B.TO), Bank of Nova Scotia (BNS.TO), Sprott Inc (SII.TO), TerraVest Industries (TVK.TO), Bombardier Inc (BBD.B.TO), GFL Environmental (GFL.TO) and Celestia Inc (CLS.TO), Restaurant Brands International (QSR.TO) and CGI Inc (GIB.A.TO) closed up 1.5 to 3%. Our Stance: Currently, the index is testing a crucial support level around 24,400. The ability to maintain this level is important for sustaining the upward momentum. A breach below 24,400 could signal a retracement risk, with key support levels on the weekly chart identified around 24,000 to 23,600. For the bullish trend to remain intact, it is essential for the index to hold above these
Index Update: The benchmark S&P/TSX Composite Index, which opened at 25,004.49 and dropped to a low of 24,814.91 around mid afternoon, ended the day's session at 24,890.68 with a loss of 158.99 points or 0.63%. The index posted a modest gain for the week. Macro Update: Data from Statistics Canada showed manufacturing sales in Canada decreased 0.5% month-over-month in September, less than initial estimates of a 0.8% drop and following a 1.3% fall in August. Wholesale sales in Canada declined 0.8% month-over-month in September, less than preliminary estimates of a 0.9% rise, and reversing the 0.6% decline in August. Top Movers: Pollard Banknote (PBL.TO) climbed 10.5%. Vermilion Energy (VET.TO) gained 6.8%. Maple Leaf Foods (MFI.TO) closed up 5.2%. Aecon Group (ARE.TO), CI Financial Corp (CIX.TO), Parklans Corporation (PKI.TO), Imperial Oil (IMO.TO), Precision Drilling Corporation (PD.TO), Agnico Eagle Mines (AEM.TO), Suncor Energy (SU.TO), Brookfield Business Partners (BBU.UN.TO), Boyd Group Services (BYD.TO) and Franco-Nevada Corporation (FNV.TO) gained 2 to 4%. Our Stance: While the RSI is not yet in oversold territory, the current reading points to potential weakness and raises the likelihood of further declines if the market fails to stabilize. Looking ahead, the 24,300 level is crucial for the index. This
Image Souce: Krish Capital Pty Ltd Index Update: The Canadian market settled higher on Thursday with the benchmark S&P/TSX Composite Index moving on to a new record high. The benchmark S&P/TSX Composite Index, which climbed to a new all-time high of 25,137.70, settled with a gain of 60.65 points or 0.24% at 25,049.67, closing past the 25,000 mark for the first time. Macro Update: The U.S Labor Department released a report this morning showing first-time claims for U.S. unemployment benefits unexpectedly edged lower in the week ended November 9th. The report said initial jobless claims slipped to 217,000, a decrease of 4,000 from the previous week's unrevised level of 221,000. Economists had expected jobless claims to inch up to 223,000. Top Movers: Pollard Banknote (PBL.TO) climbed 10.5%. Vermilion Energy (VET.TO) gained 6.8%. Maple Leaf Foods (MFI.TO) closed up 5.2%. Aecon Group (ARE.TO), CI Financial Corp (CIX.TO), Parklans Corporation (PKI.TO), Imperial Oil (IMO.TO), Precision Drilling Corporation (PD.TO), Agnico Eagle Mines (AEM.TO), Suncor Energy (SU.TO), Brookfield Business Partners (BBU.UN.TO), Boyd Group Services (BYD.TO) and Franco-Nevada Corporation (FNV.TO) gained 2 to 4%. Our Stance: The current reading still supports the idea that the market has room for further upside, assuming buying momentum continues.
Image Souce: Krish Capital Pty Ltd Index Update: The benchmark S&P/TSX Composite Index closed up 66.01 points or 0.26% at 24,989.02. The index touched a low of 24,860.56 and a high of 25,002.96 in the session. Macro Update: Data from the Labor Department said the consumer price index crept up by 0.2% in October. The report also said the annual rate of consumer price growth accelerated to 2.6% in October from 2.4% a month earlier. The rate of core consumer price growth was unchanged from the previous month at 3.3%, which was also in line with estimates. Top Movers: CAE Inc (CAE.TO) ended with a big gain of 12%. Shopify Inc (SHOP.TO), Tecsys Inc (TCS.TO), Hammond Power Solutions (HPS.A.TO), Hut 8 Corp (HUT.TO), ATS Corporation (ATS.TO) and Molson Coors Canada (TPX.B.TO) gained 3 to 6%. Our Stance: From a technical perspective, the index’s position above the 21-period Simple Moving Average (SMA) keeps it in a prevailing uptrend. The Relative Strength Index (RSI) at 68.42 suggests the market has some room for further upside, though caution is warranted as the index approaches overbought territory. If momentum continues, further gains could be expected in the short term, with the next resistance level
Image Souce: Krish Capital Pty Ltd Index Update: The market ended higher despite weak commodity prices triggering some heavy selling in energy and materials sectors. The benchmark S&P/TSX Composite Index, which rose to a new all-time high of 25,024.93, ended the session with a gain of 133.73 points or 0.54% at 24,923.01. Macro Update: A highly anticipated report on the U.S consumer price inflation is due to be released on Wednesday, while reports on producer price inflation, retail sales and industrial production are likely to attract attention later in the week. Top Movers: Converge Technology (CTS.TO), Sylogist (SYZ.TO) and Lightspeed Commerce (LSPD.TO) gained 5.95%, 5% and 3.75%, respectively. Bitfarms (BITF.TO) rallied 2.75%. Our Stance: Currently, the index is testing a critical support level near 23,850. Maintaining this level is essential to keep the bullish momentum intact. A breakdown below this support could trigger a pullback, with further key support levels at 23,400 and 23,000 to watch for. For the index to continue its upward trajectory, holding above these support zones is crucial. Commodity Update: The U.S. dollar held near a 6-1/2-month high, while Bitcoin remained just below its record highs, as markets eyed upcoming U.S. inflation data. The October Consumer
Image Souce: Krish Capital Pty Ltd Index Update: The benchmark S&P/TSX Composite Index closed up 29.88 points or 0.12% at 24,789.28, well off the day's high of 24,901.51, but still recorded a new closing high. Macro Update: Over the next few days, in the U.S the reports on consumer and producer price inflation are likely to attract attention along with reports on retail sales and industrial production this week. Top Movers: Technology stocks moved up sharply. Several stocks from the financials sector moved higher. Materials shares fell on weak metal prices. Technology stocks Bitfarms (BITF.TO) and Converge Technology Solutions (CTS.TO) closed stronger by about 16.9% and 7.3%, respectively. Our Stance: Currently, the index is testing a critical support level of around 23,950. Maintaining this support is vital for keeping the upward momentum intact. A drop below this level could trigger a potential pullback, with key support levels on the weekly chart identified between 23,400 and 23,200. To sustain its bullish trajectory and continue seizing growth opportunities, it is crucial for the index to hold above these support levels. Commodity Update: The U.S. dollar remained near a four-month high on Tuesday as markets awaited key inflation data and Federal Reserve comments.
Image Souce: Krish Capital Pty Ltd Index Update: The Canadian market ended lower on Friday as energy and materials stocks fell on weak commodity prices as the U.S. dollar climbed higher. The benchmark S&P/TSX Composite Index closed down 86.53 points or 0.35% at 24,759.40. The index, which touched a low of 24,679.72 and a high of 24,804.26 in the session, posted a gain of 2.1% in the week. Macro Update: Data from Statistics Canada showed employment in Canada rose by 14,500 in October, following a 46,700 increase in the previous month. The unemployment rate in Canada was at 6.5% in October, remaining unchanged from the previous month. Top Movers: Molson Coors Canada Inc (TPX.B.TO) rallied about 4%. RB Global (RBA.TO) climbed 3.2%. Shopify Inc (SHOP.TO), Descartes Systems Group (DSG.TO), Morguard Corporation (MRC.TO) and Waste Connections (WCN.TO) climbed 1.5 to 2.3%. Our Stance: Traders should keep an eye on the immediate support level at 23,920. If the index holds above this level, it could pave the way for a potential rebound. A break below 23,920, however, would raise the likelihood of further downside, with support levels to monitor at 23,400 and 23,000. These levels will be crucial in determining whether the
Image Souce: Krish Capital Pty Ltd Index Update: Canadian stocks moved mostly higher during trading on Thursday, extending the upward move seen over the two previous sessions. The benchmark S&P/TSX Composite Index advanced early in the session and saw further upside in the latter part of the session. The index ended the day up 208.48 points or 0.9 percent at a new record closing high of 24,845.93. Macro Update: After aggressively slashing interest rates by half a percentage point in September, the Fed said it has decided to lower the target range for the federal funds rate by 25 basis points to 4.50 to 4.75 percent. The central bank said its decision to continue lowering rates comes as labor market conditions have generally eased, while inflation continues to make progress towards its 2 percent objective. Top Movers: Technology stocks moved sharply higher along with their U.S. peers, driving the S&P/TSX Capped Information Technology Index up by 1.7 percent. A sharp increase by the price of gold also contributed to considerable strength among gold stocks, as reflected by the 1.4 percent gain posted by the S&P/TSX Global Gold Index. Our Stance: the index is currently at a critical juncture, testing a
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