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 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 levels between 23,000 and 22,560. For the S&P/TSX Composite Index to continue its ascent, it’s essential to remain above these key support zones.
Commodity Update: On Tuesday, the U.S. dollar reached its highest level in over two months against major currencies, driven by expectations of modest Federal Reserve rate cuts. Recent U.S. economic data indicates resilience, with September inflation rising slightly more than anticipated, prompting traders to reassess their predictions for substantial rate reductions. In the commodities market, gold slipped 0.01% to $2,665.10 per ounce, silver rose 0.25% to $31.40, and copper fell 0.06% to $9,648 per ton. Brent crude futures dropped $2.27 to $75.19 per barrel after reports suggested Israel would avoid striking Iranian oil targets, easing supply disruption fears.
Technical Update: On Friday, the S&P/TSX Composite Index demonstrated robust performance, climbing 168.91 points to close at 24,471.17, a notable increase of 0.70%. This rise reflects a strong sentiment among investors, supported by healthy trading volumes. The industrials sector was a key driver of this upward movement, gaining 1.13%, which indicates a positive shift in market dynamics. From a technical perspective, the index remains firmly above its 21-period Simple Moving Average (SMA), reinforcing a bullish outlook. The Relative Strength Index (RSI) currently sits at 74.43, pointing to a healthy market condition that may allow for further gains. Moreover, 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 levels between 23,000 and 22,560. For the S&P/TSX Composite Index to continue its ascent, it’s essential to remain above these key support zones.
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...