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, which climbed to a high of 24,603.11, settled at 24,561.20 with a gain of 122.12 points or 0.5%. Macro Update: Data from Canada Mortgage & Housing Corporation said housing starts in Canada increased by 5% over a month to 223,808 units in September. Data from Statistics Canada showed manufacturing sales in Canada decreased by 1.3% month-over-month in August, following a downwardly revised 1.1% rise in July. Another data from Statistics Canada said car registrations in Canada decreased to 168,620 units in August from 169,327 units in July. Top Movers: The Utilities Capped Index climbed 2.19%. Brookfield Renewable Partners (BEP.UN.TO) soared 9.6%. Brookfield Infra Partners (BIP.UN.TO), Innergex Renewable Energy (INE.TO) and Boralex Inc (BLX.TO) gained 3.8 to 4.6%. Northland Power (NPI.TO) and TransAlta Corp (TA.TO) both gained nearly 2.5%. Materials stocks Iamgold Corp (IMG.TO), Lundin Mining (LUN.TO), Ivanhoe Mines (IVN.TO), Hudbay Minerals (HBM.TO), First Quantum Minerals (FM.TO) and Capstone Mining (CS.TO) gained 2 to 3.1%. Our Stance: Currently, the index is testing a critical support level around 23,850. Maintaining this level is essential for sustaining upward momentum; a drop below could lead to a pullback, with important support
Image Souce: Krish Capital Pty Ltd Index Update: The benchmark S&P/TSX Composite Index ended down 32.09 points or 0.13% at 24,439.08. The index, which dropped to 24,357.87 recovered to 24,479.22 before paring gains. Macro Update: Data from Statistics Canada said the annual inflation rate in Canada fell to 1.6% in September from 2% in the previous month, the lowest since February 2021. The consumer price index decreased 0.4% in September over the previous month. The annual core inflation rate in Canada ticked up to 1.6% in September from a 3-1/2-year low of 1.5% in the prior month. On a monthly basis, core consumer prices were flat, after falling by 0.1% in the prior month. Top Movers: The Energy Capped Index tumbled 4.79%. Baytex Energy (BTE.TO), International Petroleum Corp (IPCO.TO), Kelt Exploration (KEL.TO), Vermilion Energy (VET.TO), Tamarack Valley Energy (TVE.TO), Canadian Natural Resources (CNQ.TO), Cenovus Energy (CVE.TO), Nuvista Energy (NVA.TO), MEG Energy (MEG.TO) and Suncor Energy (SU.TO) lost 5 to 6.3%. Healthcare stocks Bausch Health Companies (BHC.TO), Chartwell Retirement Residences (CSH.UN.TO) and Sienna Senior Living (SIA.TO) gained 5.7%, 2.7% and 2.5%, respectively. Our Stance: Traders should keep a close eye on the immediate support level at 23,650, marked by a rising
Image Souce: Krish Capital Pty Ltd Index Update: The benchmark S&P/TSX Composite Index saw a notable advance early in the session and remained firmly positive throughout the day. The index climbed 168.91 points or 0.7 percent to a new record closing high of 24,471.71. Macro Update: Data from Statistics Canada showed that employment in Canada rose by 46,700 jobs in September, the most in five months and well above the market consensus of a net increase of 27,000 jobs. Meanwhile, data from the U.S. Labor Department showed the annual rate of growth by producer prices slowed to 1.8 percent in September from an upwardly revised 1.9 percent in August. Top Movers: Celestica Inc (CLS.TO), up nearly 4%, is the top gainer in the Information Technology Capped Index, which is up 1.5%. Converge Technology Solutions (CTS.TO), Bitfarms (BITF.TO), Docebo Inc (DCBO.TO), Descartes Systems (DSG.TO), Shopify Inc (SHOP.TO), Constellation Software (CSU.TO), Quarterhill (QTRH.TO), Dye & Durham (DND.TO) and BlackBerry (BB.TO) are gaining 1.3 to 3%. Our Stance: the index is currently at a critical juncture, testing a support level around 23,450. Maintaining this level is vital for sustaining the current upward trend; a breach below could signal a pullback, with significant support
Image Souce: Krish Capital Pty Ltd Index Update: The Canadian market climbed to a new record high on Thursday, lifted by gains in energy and materials sectors. The benchmark S&P/TSX Composite Index, which dropped to 24,134.87 after opening with a negative gap of nearly 50 points at 24,176.40, climbed to a new high at 24,315.49 before settling at 24,302.26 with a gain of 77.36 points or 0.32%. Macro Update: Income inequality increased in the second quarter of 2024 as the gap in the share of disposable income between households in the top 40% and the bottom 40% of the income distribution reached 47.0 percentage points, the largest gap ever recorded. Persistently high interest rates over the course of the 12 months ending in the second quarter of 2024 had varying impacts on household finances, depending on level of income. While higher interest rates can lead to increased borrowing costs for households, they can also lead to higher yields on saving and investment accounts. Lower income households are more likely to have a limited capacity to take advantage of these higher returns, as on average they have fewer resources available for saving and investment Top Movers: K92 Mining Inc (KNT.TO) soared
Index Update: Weak crude oil and gold prices weighed on energy and materials shares, contributing to the market’s weakness. The benchmark S&P/TSX Composite Index ended down 30.20 points or 0.13% at 24,072.51. The index touched a low of 23,969.27 and a high of 24,083.13 in the session. Macro Update: Data from Statistics Canada showed that Canada's trade deficit widened to C$ 1.10 billion in August 2024 from a revised C$ 0.29 billion gap in the previous month and exceeding market expectations of a C$ 0.5 billion deficit. This was the sixth consecutive monthly shortfall and the largest since May. Exports dropped by 1% in August, while imports inched up 0.3%. Top Movers: Materials shares Teck Resources (TECK.B.TO), Hudbay Minerals (HBM.TO), Methanex Corp (MX.TO), Ivanhoe Mines (IVN.TO), First Quantum Minerals (FM.TO), Capstone Mining (CS.TO) and Lundin Mining (LUN.TO) ended lower by 3 to 5%. Our Stance: Despite this recent slip, the index remains above its 21-period Simple Moving Average, indicating that the short-term uptrend is still viable. The immediate support level at 23,450 is crucial; if the index can maintain its position above this threshold, it may set the stage for a rebound. Conversely, a breach of this level could lead
Image Souce: Krish Capital Pty Ltd Index Update: The benchmark S&P/TSX Composite Index ended down 60.12 points or 0.25% at 24,102.71 after scaling a low of 23,988.17 and a high of 24,173.06 intraday. Macro Update: After Friday's upbeat jobs data from the U.S, traders now expect only a quarter-point cut in interest rates at the Federal Reserve's next policy announcement on Nov. 7, with a small chance that the policy rate stays unchanged. Top Movers: Imperial Oil (IMO.TO), Athabasca Oil Corp (ATH.TO), International Petroleum Corp (IPCO.TO), Parex Resources (PXT.TO), Whitecap Resources (WCP.TO), Advantage Oil & Gas (AAV.TO) and Baytex Energy (BTE.TO) gained 2 to 3%. Our Stance: From a technical perspective, the index remains positioned above the 21-period Simple Moving Average (SMA), indicating a prevailing uptrend sentiment in the short term. The Relative Strength Index (RSI) at approximately 66.85 supports this view, suggesting there may still be underlying strength and potential for upside momentum. Immediate support for the index is identified around the 23,550 level, coinciding with a significant rising trendline. Commodity Update: The dollar remained strong, holding seven-week highs against major currencies as investors assessed the impact of last week’s robust jobs report on U.S. rate expectations. Meanwhile, escalating
Image Souce: Krish Capital Pty Ltd Index Update: The benchmark S&P/TSX Composite Index climbed to a new high of 24,179.28 and settled at 24,162.83, gaining 194.33 points or 0.81%. The index gained about 0.45% in the week. Macro Update: Data from the U.S. Labor Department said non-farm payroll employment jumped by 254,000 jobs in September after climbing by an upwardly revised 159,000 jobs in August. Economists had expected employment to rise by 140,000 jobs compared to the addition of 142,000 jobs originally reported for the previous month. Top Movers: Tamarack Valley Energy (TVE.TO) ended 4.5% up. Cenovus Energy (CVE.TO), Arc Resources (ARX.TO), Tourmaline Oil Corp (TOU.TO), Mattr Corp (MATR.TO) and Parex Resources (PXT.TO) gained 2 to 2.7%. Our Stance: Currently, the index is testing a crucial support level around 23,450. Maintaining this support is vital for sustaining upward momentum; a fall below could trigger a pullback, with key support levels identified between 23,000 and 22,560. For continued growth, it is essential for the index to remain above these levels. Commodity Update: The dollar continued its rally on Monday, driven by strong U.S. jobs data and rising tensions in the Middle East. The latest jobs report revealed the largest increase in
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