RY 160.91 0.3555% SHOP 116.03 -0.4718% TD 83.98 0.2148% ENB 62.82 1.4699% BN 68.81 1.6396% TRI 251.78 0.6959% CNQ 39.88 2.0732% CP 103.16 1.9771% CNR 137.31 0.483% BMO 129.32 0.4661% BNS 65.69 0.551% CSU 4682.54 -0.7613% CM 81.6 0.1473% MFC 39.65 -0.0252% ATD 71.3 1.3072% NGT 76.22 -1.6643% TRP 68.46 0.9586% SU 47.8 2.006% WCN 273.36 0.3156% L 213.68 0.1594%
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 nearly 17%. Orla Mining (OLA.TO), Torex Gold Resources (TXG.TO), Calibre Mining (CXB.TO) and Iamgold (IMG.TO) climbed 7 to 9.4%.
Our Stance: The index is comfortably above its 21-period Simple Moving Average (SMA), signaling a bullish trend. The Relative Strength Index (RSI) is at 70.96, indicating that the market is healthy, allowing room for further upside. Currently, the index is testing a crucial support level of around 23,650.
Commodity Update: On Friday in Asian trade, the U.S. dollar retreated from two-month highs against major currencies as signs of labour market weakness bolstered expectations for quicker Federal Reserve rate cuts. Despite this decline, the dollar remained on track for its second consecutive weekly gain, supported by strong payroll figures that ruled out a half-percentage-point cut at the next Fed meeting. In commodities, gold rose 1.31% to $2,660.30 per ounce, silver increased 2.69% to $31.48, and copper gained 0.70% to $9,756.00 per ton. Meanwhile, Brent crude fell 0.5% to $79.01 a barrel amid concerns over hurricane damage and escalating geopolitical tensions affecting U.S. demand.
Technical Update: On Thursday, the S&P/TSX Composite Index rose by 77.36 points, closing at 24,302.26 a 0.32% increase reflecting strong investor confidence and robust trading activity. The energy sector played a significant role in this uptick, gaining 2.22%, fueled by optimism in energy stocks. From a technical perspective, the index is comfortably above its 21-period Simple Moving Average (SMA), signalling a bullish trend. The Relative Strength Index (RSI) is at 70.96, indicating that the market is healthy, allowing room for further upside. Currently, the index is testing a crucial support level of around 23,650. Maintaining this support is vital for sustaining upward momentum; a fall below could trigger a pullback, with key support levels identified between 23,200 and 22,600. For continued growth, it is essential for the index to remain above these levels.
The advice given by Kalkine Canada Advisory Services Inc. and provided on this website is general information only and it does not take into account your investment objectives, financial situation and the particular needs of any particular person. You should therefore consider whether the advice is appropriate to your investment objectives, financial situation and needs before acting upon it. You should seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) as necessary before acting on any advice. Not all investments are appropriate for all people. The website www.kalkine.ca is published by Kalkine Canada Advisory Services Inc. The link to our Terms & Conditions has been provided please go through them. On the date of publishing this report (mentioned on the website), employees and/or associates of Kalkine do not hold positions in any of the stocks covered on the website. These stocks can change any time and readers of the reports should not consider these stocks as advice or recommendations later.
CA
NZ
UK
US
AU
IND
Please wait processing your request...