RY 160.88 0.3368% SHOP 116.26 -0.2745% TD 83.99 0.2267% ENB 63.36 2.3421% BN 68.93 1.8168% TRI 253.15 1.2438% CNQ 40.16 2.7899% CP 102.84 1.6607% CNR 136.8 0.1098% BMO 129.28 0.4351% BNS 65.68 0.5357% CSU 4662.8101 -1.1794% CM 81.86 0.4664% MFC 40.03 0.9329% ATD 70.74 0.5115% NGT 76.31 -1.5482% TRP 69.03 1.7991% SU 48.27 3.009% WCN 273.57 0.3927% L 213.34 0.0%
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 thresholds identified at 23,400 and 23,000. 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.
Commodity Update: Commodity Update: On Thursday, the dollar remained close to an 11-week high, bolstered by strong U.S. economic data that reduced expectations for Federal Reserve rate cuts, alongside speculation about a potential Donald Trump victory in next month's election. In commodities, gold rose 0.14% to $2,696.15 per ounce, silver fell 0.51% to $31.82, and copper declined 0.20% to $9,581 per ton. Brent crude futures increased 0.6% to $74.67 a barrel, recovering after recent losses, as U.S. inventories reported an unexpected draw. Market attention also focused on the ongoing Middle East conflict and potential Chinese stimulus measures.
Technical Update: On Wednesday, the S&P/TSX Composite Index climbed 122.12 points, closing at 24,561.20, which marks a 0.50% increase fueled by strong investor confidence and active trading. The utilities sector significantly contributed to this rise, achieving a 2.19% gain. From a technical standpoint, the index is well above its 21-period Simple Moving Average (SMA), signaling a bullish trend that suggests further potential upside. The Relative Strength Index (RSI) is at 75.09, indicating a robust market environment, yet still leaving room for additional growth. 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 thresholds identified at 23,400 and 23,000. 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.
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