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 TSX Composite extending losses to a fifth straight session, on concerns about the outlook for economic growth, and on uncertainty about the outcome of the upcoming U.S. presidential election. The benchmark S&P/TSX Composite Index ended the day's session with a loss of 87.88 points or 0.36% at 24,463.67. The index dropped nearly 1.5% in the week. Macro Update: Data from Statistics Canada showed retail sales in the country likely increased by 0.4% from the previous month in September, according to flash estimate. Retail sales increased 1.4% in August over the same month in the previous year while Manufacturing sales in Canada decreased by 0.8% in September from -1.3% in August. Another data from Statistics Canada said the new house price index in Canada remained unchanged at 0% in September. On a yearly basis, the index increased to 0.2% in September from 0% in August. Top Movers: Winpak Ltd. (WPK.TO) climbed more than 4.5%. goeasy (GSY.TO) gained about 3.2%. Celestica Inc (CLS.TO), West Fraser Timber (WFG.TO), Teck Resources (TECK.B.TO), Precision Drilling Corporation (PD.TO), Imperial Oil (IMO.TO), Morguard Corporation (MRC.TO) and Boyd Group Services (BYD.TO) advanced 1 to 2.6%. Our Stance: The focus
Image Souce: Krish Capital Pty Ltd Index Update: The benchmark S&P/TSX Composite Index, which edged up slightly at the start to 24,590.52, fell to 24,372.34 around noon, but recovered gradually to settle at 24,551.55, with a loss of 22.07 points or 0.09%. Macro Update: In the U.S the Commerce Department released a report showing new home sales surged to their highest level in over a year in September. Top Movers: Celestica Inc (CLS.TO) soared 18.3%. Celestica reported revenue of $2.50 billion for the third quarter of 2024, up 22% from $2.04 billion in the corresponding quarter of the previous year. Colliers International (CIGI.TO) gained 4.8%. Brookfield Asset Management (BAM.TO), Docebo Inc (DCBO.TO), TFI International (TFII.TO), Gildan Activewear (GIL.TO) and Kinaxis Inc (KXS.TO) climbed 2 to 4%. Our Stance: The Relative Strength Index (RSI) at 64.86 points to some underlying weakness, suggesting the possibility of further declines if the trend continues. Investors should keep an eye on the key support level at 23,870.50. This rising trend line has been crucial; if the index can stay above it, a rebound may be possible. Commodity Update: On Friday, the dollar pulled back from recent highs, aligning with a decline in U.S. Treasury yields.
Image Souce: Krish Capital Pty Ltd Index Update: The benchmark S&P/TSX Composite Index ended down 143.08 points or 0.58% at 24,573.62, about 20 points off the day's low of 24,453.40. The index remained in negative territory right through the day's session. Macro Update: The Canadian central bank cut rates by a half point today, as widely expected, reducing its target for the overnight rate by 50 basis points to 3.75%, with the Bank Rate at 4% and the deposit rate at 3.75%. The Canadian central bank's decision to continue lowering rates came as consumer price inflation has declined significantly from 2.7% in June to 1.6% in September. Top Movers: Seabridge Gold (SEA.TO) lost nearly 6.5%. Cameco Corporation (CCO.TO), Trisura Group (TSU.TO), Premium Brands Holdings Corporation (PBH.TO), TFI International (TFII.TO) and Shopify Inc (SHOP.TO) ended down by 2.3 to 4.5%. Our Stance: Traders should closely monitor the immediate support level at 23,920; if the index can maintain its position above this threshold, it could set the stage for a rebound. On the other hand, a fall below this level may indicate the potential for a deeper correction, with subsequent support zones at 23,400 and 23,000 to keep an eye on. Commodity
Image Souce: Krish Capital Pty Ltd Index Update: Following a shaky start and a further dip to lower levels, the Canadian market gradually recovered on Tuesday before settling modestly lower. The benchmark S&P/TSX Composite Index ended down 6.63 points or 0.03% at 24,716.70. Macro Update: Data from Statistics Canada showed industrial producer prices in Canada fell by 0.6% over a month in September, following a revised 0.9% decline in the prior period. On a yearly basis, producer prices fell by 0.9% in September, after a 0.2% rise in the prior month. Top Movers: Healthcare stock Tilray Inc (TLRY.TO) gained about 7.3%. Seabridge Gold (SEA.TO), up 6%, was the biggest gainer in the Materials index. Sandstorm Gold (SSL.TO) climbed 5.7%. Ssr Mining (SSRM.TO), First Majestic Silver (AG.TO), Pan American Silver Corp (PAAS.TO), Triple Flag Precious Metals (TFPM.TO) and Fortuna Silver Mines (FVI.TO) gained 3 to 5%. Our Stance: However, with the Relative Strength Index (RSI) reaching a relatively high of 73.59, there are signs that the market may be entering overbought territory, suggesting a potential softening in momentum. Traders should monitor this closely for any shifts in market dynamics. Key technical levels to watch include immediate support at 23,920. Commodity Update:
Image Souce: Krish Capital Pty Ltd Index Update: The Canadian market rose to a new record high Monday morning but retreated soon and stayed weak right through the session. The benchmark S&P/TSX Composite Index, which hit a new record high at 24,922.92 in early trades, ended the session with a loss of 99.21 points or 0.4% at 24,723.33. Macro Update: The Canadian central bank is widely expected to reduce its key policy rate by 50 basis points, marking its fourth cut in a row. Top Movers: RB Global (RBA.TO) climbed 6.6%. Hut 8 Corp (HUT.TO) ended nearly 6% up. Brookfield Renewable Corporation (BEPC.TO) and MAG Silver Corp (MAG.TO) gained about 5% and 4.7%, respectively. Magna International (MG.TO), goeasy (GSY.TO), Teck Resources (TECK.A.TO), BRP Inc (DOO.TO), Cargojet (CJT.TO) and Stella-Jones (SJ.TO) ended lower by 2 to 3.6%. Our Stance: Despite the pullback, the index remains comfortably above its 21-period Simple Moving Average (SMA), signaling that the short-term uptrend is still intact. However, the Relative Strength Index (RSI) is now at a relatively high 73.96, suggesting the market may be in overbought territory. Key technical levels are in focus, with immediate support at 23,920. Holding above this level could pave the way
Image Souce: Krish Capital Pty Ltd Index Update: The Canadian market climbed to a new record high on Friday, rising for a third straight day, thanks to strong gains in materials stocks as metal prices surged to record highs. The benchmark S&P/TSX Composite Index, which marched to a new intra-day high at 24,850.15, settled with a gain of 132.06 points or 0.53% at 24,822.54, a new closing high. Macro Update: In U.S. economic news, the Commerce Department released a report showing a modest pullback by housing starts in the month of September. The Commerce Department said housing starts fell by 0.5 percent to an annual rate of 1.354 million in September after spiking by 7.8 percent to a revised rate of 1.361 million in August. Top Movers: The Materials Capped Index climbed 3.18%. Iamgold Corp (IMG.TO), the biggest gainer in the section, soared 16.6%. First Majestic Silver Corp (AG.TO) zoomed 15.3%, while Pan American Silver Corp (PAAS.TO) and Fortuna Silver Mines (FVI.TO) gained 10.5% and 10.3%, respectively. Our Stance: From a technical standpoint, the index is comfortably positioned above its 21-period Simple Moving Average (SMA), a key indicator of bullish sentiment that suggests potential support at this level. Additionally, the
Image Souce: Krish Capital Pty Ltd Index Update: The Canadian market climbed to a fresh record high on Thursday with stocks from materials and energy sectors moving higher on firm commodity prices. The benchmark S&P/TSX Composite Index, which surged to 24,561.20, settled with a gain of 129.28 points or 0.53% at 24,690.48. Macro Update: Data showing an unexpected increase in U.S. retail sales, and a drop in U.S. jobless claims contributed as well to the positive mood in the market. Top Movers: Onex Corporation (ONEX.TO) gained about 3.6%. GFL Environmental (GFL.TO), RB Global (RBA.TO), Cameco Corporation (CCO.TO), Imperial Oil (IMO.TO), Boyd Group Services (BYD.TO), Franco-Nevada Corporation (FNV.TO) and Senvest Capital (SEC.TO) climbed 1.5 to 3%. Our Stance: From a technical analysis perspective, the index is currently trading above its 50-period Simple Moving Average (SMA), which typically indicates a bullish sentiment and suggests potential support around this level. The Relative Strength Index (RSI) at approximately 77.39 on the 14-period scale further supports this bullish momentum on the daily chart. Commodity Update: On Friday, the dollar was set for its third consecutive weekly gain, supported by a dovish European Central Bank and robust U.S. data. This pushed back expectations for rate cuts,
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