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 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 trendline. Holding above this level could pave the way for a rebound, while a break below could lead to tests of stronger support zones between 23,000 and 22,600. Overall, market participants will be watching closely for any signs of direction in the coming sessions.
Commodity Update: On Wednesday, the U.S. dollar held steady at its highest level in over two months against major currencies, fueled by expectations of gradual U.S. interest rate cuts. Recent economic data revealed a slight uptick in September inflation, prompting traders to rethink predictions of significant rate reductions. In commodities, gold increased by 0.20% to $2,684.15 per ounce, silver rose 0.21% to $31.84, and copper climbed 0.50% to $9,572 per ton. Brent crude futures gained 0.4% to $74.55 a barrel, despite recent losses amid weak Chinese oil imports and reduced demand outlooks from two major oil organizations.
Technical Update: In Tuesday's trading, the S&P/TSX Composite Index experienced a modest decline, closing at 24,439.08, a drop of 0.13%. The energy sector was particularly hard-hit, with a significant 4.79% decrease, contributing to a generally bearish sentiment in the market. Despite this dip, the index remains above its 21-period Simple Moving Average, indicating that the short-term uptrend remains intact. However, the Relative Strength Index (RSI) at 72.66 suggests that there could be an underlying weakness, hinting at potential challenges ahead. Traders should keep a close eye on the immediate support level at 23,650, marked by a rising trendline. Holding above this level could pave the way for a rebound, while a break below could lead to tests of stronger support zones between 23,000 and 22,600. Overall, market participants will be watching closely for any signs of direction in the coming sessions.
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