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 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, especially if Donald Trump wins the presidency. China’s economy grew 4.6% in Q3, but property investment fell over 10% in the first nine months, despite improved retail sales and industrial production in September. In commodities, gold rose 0.62% to $2,724.15 per ounce, silver surged 1.37% to $32.20, and Brent crude futures increased 0.2% to $74.61, driven by a surprise drop in U.S. oil inventories, though still facing weekly losses.
Technical Update: The S&P/TSX Composite Index experienced a notably bullish trading session, characterized by a substantial 129.28-point increase, closing at 24690.48 on Thursday, marking a 0.53% gain. This uptrend was accompanied by higher trading volume, indicating strong buying interest in the market. Sector-wise, energy stood out with an impressive 1.17% rise, reflecting robust performance in that sector. Technology also contributed positively, showing strength with a 0.43% increase. These sectoral movements suggest broad-based optimism and confidence among investors. 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.
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