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Reuters
7 days ago
- Business
- Reuters
TSX consolidates its record-setting run as metal mining shares fall
TORONTO, July 24 (Reuters) - Canada's main stock index edged lower on Thursday but was holding close to a record high, as metal mining shares lost ground and the strength of corporate earnings offset ongoing uncertainty about the economic outlook. The S&P/TSX composite index (.GSPTSE), opens new tab ended down 44.15 points, or 0.2%, at 27,372.26, after posting a record closing high on Wednesday. "The TSX wants to go higher, it's just consolidating today on low volume," said Brandon Michael, senior investment analyst at ABC Funds. "While concerns surrounding tariffs, interest rates, and recession linger, the stock market and economy continue to show resilience, drawing strength from corporate earnings which continue to beat." Canadian retail sales shrank by 1.1% in May from April as consumers curtailed car purchases and spent less at supermarkets, convenience stores and on alcohol but a preliminary estimate for June pointed to a rebound of 1.6%. The materials group, which includes metal mining shares, fell 1.3% as the price of gold fell for a second straight session, with signs of easing global trade tensions dampening demand for safe-haven assets. Orla Mining ( opens new tab shares tumbled 14.4%, while shares of Teck Resources ( opens new tab were down 8.7% as the company cut its full-year copper production guidance. First Quantum Minerals ( opens new tab is exploring a gold pre-payment deal from its Zambian mines to boost its balance sheet as the company looks at new options to raise funds beyond a stake sale. Shares of First Quantum ended down 1.6%. Five of the 10 major sectors posted gains, including energy which added 1% as the price of oil settled 1.2% higher at $66.03 a barrel. The consumer staples sector was up 0.5%, led by a gain of 2.2% for the shares of Loblaw Companies ( opens new tab after the grocery and medicine retailer's second-quarter results beat estimates. Property services firm FirstService ( opens new tab also posted second-quarter results above expectations. Its shares jumped 8.9%.
Reuters
13-02-2025
- Business
- Reuters
TSX overcomes tariff concerns as tech shares climb
Summary Companies TSX ends up 0.5%, at 25,698.51 Tech sector adds 1.9% Telus rises 3.7% on revenue beat Sun Life falls 7.3% after profit miss Feb 13 (Reuters) - Canada's main stock index rose on Thursday, led by technology and real estate shares, as investors took in their stride the latest U.S. tariff threats and additional evidence that U.S. inflation was picking up again. The S&P/TSX composite index (.GSPTSE), opens new tab ended up 135.40 points, or 0.5%, at 25,698.51, moving back in reach of the record-high close it posted in January. "Equity markets are up today, climbing a wall of worry as they deal with sticky inflation, tariff concerns, and generally weak investor sentiment," said Brandon Michael, senior investment analyst at ABC Funds. "This morning's hotter-than-expected PPI (producer price index) initially weighed on stocks, but as the day progressed the market rallied back, indicating exhausting selling pressure and expectations of sticky inflation already being priced in." U.S. producer prices increased solidly in January, strengthening financial market views that the Federal Reserve would not be cutting interest rates before the second half of the year. U.S. President Donald Trump unveiled a roadmap for charging reciprocal tariffs on every country that puts duties on U.S. imports. As the threat of a trade war grows, Canadian investors are seeking protection in gold and in shares of companies producing goods with few substitutes, such as uranium, while looking to take advantage of a weaker loonie and expected volatility. "Despite the volatility, the market is now within striking distance of new all-time highs, fueled by solid economic data and stronger-than-expected corporate earnings," Michael said. Telus Corp ( opens new tab shares added 3.7% after the communications technology company's fourth-quarter revenue beat market expectations. The technology sector was up 1.9%, while real estate added 1% as bond yields fell. The Canadian 10-year yield was down 6.6 basis points at 3.113%. Shares of Sun Life Financial ( opens new tab were a drag, falling 7.3%, after Canada's second-largest life insurer missed fourth-quarter profits expectations.
