Latest news with #ColinCieszynski
Business Recorder
2 days ago
- Business
- Business Recorder
TSX set for biggest weekly gain in 11 months; earnings, fed revamp in focus
Canada's main stock index inched up on Friday and was on track for its largest weekly gain in 11 months as investors evaluated corporate results, while U.S. President Donald Trump's Federal Reserve revamp fueled hopes for rate cuts. The S&P/TSX composite index rose 0.2% to 27,816.03 points by 09:55 a.m. ET (1455 GMT), after posting record highs this week. 'The TSX has been benefiting this week from a generally positive response to earnings that have been coming out in Canada. Shopify was one of the biggest weighted stocks in Canada and it went up 20% a couple of days ago so that alone boosted the Canadian market,' said Colin Cieszynski, chief market strategist at SIA Wealth Management. Gold mining stocks gained on Friday, with miners Lundin Gold and Sandstorm Gold rising 7.5% and 2.3%, respectively. Among individual stocks, OpenText gained 7.8% after the software company's fourth-quarter revenue beat expectations. Energy Fuels' shares jumped 7.4% and were among the top gainers after second-quarter results. Conversely, Sun Life Financial dropped 7.7% and was the top laggard on the index despite posting a rise in second-quarter profit on Thursday. Meanwhile, data showed that the Canadian economy shed thousands of jobs in July, while the unemployment rate remained steady at 6.9%. 'We had a job decline in Canada which, combined with the disappointing U.S. numbers from last week, suggests the North American employment market is slowing and that the economy itself might be starting to slow,' Cieszynski added. Trump's nomination of Council of Economic Advisers Chairman Stephen Miran to serve the final months of a newly vacant seat fueled hopes for a more dovish policy ahead. The White House is seeking a permanent addition to the governing board as well as a new Fed Chair to replace Jerome Powell after his term ends in May 2026.
Reuters
28-07-2025
- Business
- Reuters
TSX pulls back from record high as gold hits a three-week low
July 28 (Reuters) - Canada's main stock index pulled back on Monday from a record high as a drop in the price of gold weighed on mining shares and after a trade deal between the European Union and the U.S. that was anticipated by investors. The S&P/TSX composite index (.GSPTSE), opens new tab ended down 88.93 points, or 0.3%, at 27,405.42, after posting a record closing high on Friday. The , announced on Sunday between two economies accounting for almost a third of global trade, will see the U.S. impose a 15% import tariff on most EU goods from next month, but offers some protection for critical industries like cars and pharmaceuticals. "The market was expecting this news for a long time and as such we're not seeing the market rally on the trade deal," said Colin Cieszynski, chief market strategist at SIA Wealth Management. "We had a massive rally in the markets, they're kind of tired and people are taking profit on the news." Canada is also a major trading partner with the United States. Talks between Canada and the United States on a trade deal are at an intense phase, Prime Minister Mark Carney told reporters, reiterating that an agreement without any tariffs at all was unlikely. The materials group, which includes fertilizer companies and metal mining shares, lost 1.5%. Gold fell to a near three-week low as the U.S.-EU trade accord lifted the U.S. dollar, while investors awaited fresh cues on interest rate policy from this week's Federal Reserve meeting. The Fed and the Bank of Canada are both due to make a policy decision on Wednesday. Real estate declined 1.2% and industrials ended 0.7% lower. Gains for energy helped limit the Toronto market's decline, with the sector adding 1.9% as the price of oil rose. U.S. crude futures settled up 2.3% at $70.04 a barrel after U.S. President Donald Trump said he would shorten the deadline for Russia to end its war in Ukraine.
Mint
15-07-2025
- Business
- Mint
TSX retreats from record high as US bank earnings weigh on financials
TSX ends down 0.5% at 27,054.14 Financials lose 0.6%, energy was down 0.9% Canada's annual inflation rate rises to 1.9% Eight of 10 major sectors end lower July 15 - Canada's main stock index pulled back on Tuesday from a record high, with heavily weighted financials among the sectors that declined as investors assessed U.S. bank earnings and after domestic inflation data reduced prospects of Bank of Canada interest rate cuts. The S&P/TSX composite index ended down 144.71 points, or 0.5%, at 27,054.14, after posting a record closing high on Monday. Wall Street opened the second-quarter earnings season on a somber note, with banking stocks whipsawing in volatile trade. "We're seeing profit-taking against the news because we've seen markets run up so hard for three months," said Colin Cieszynski, chief market strategist at SIA Wealth Management. "With the U.S. banks down, it's dragging on the Canadian banks, especially because some of the Canadian banks have large U.S. operations." The financials sector, which accounts for 33% of the TSX's weighting, fell 0.6%. Eight of the TSX's 10 major sectors ended lower. "Canadian inflation doesn't help here either because it suggests the Bank of Canada may not be able to cut much further," Cieszynski said. Canada's annual inflation rate rose to 1.9% in June from 1.7% in May and CPI-median, one of the core measures of inflation closely tracked by the BoC, rose to 3.1% from 3%. Money markets have largely priced out the chances of a rate cut at the BoC's next policy decision on July 30 in response to the inflation data as well as stronger-than-expected jobs data on Friday. The energy sector lost 0.9% as the price of oil settled down 0.7% at $66.52 a barrel. Gold also fell. The materials sector, which includes metal mining shares, was down 0.7%. Technology ended 0.8% lower. This article was generated from an automated news agency feed without modifications to text.
Mint
28-05-2025
- Business
- Mint
TSX ekes out another record high as bank earnings impress
TSX ends up 0.1%, at 26,283.45 Posts new record closing high BMO gains 1.5% and National Bank adds 3.8% Definity Financial jumps 11.3%. (Updates at market close) May 28 (Reuters) - Canada's main stock index edged up on Wednesday to a record closing high as investors cheered quarterly earnings from some of the nation's biggest banks and assessed prospects of consolidation in the insurance sector. The Toronto Stock Exchange's S&P/TSX composite index ended up 14.45 points, or 0.1%, at 26,283.45, eclipsing Tuesday's record closing high. Wall Street shares ended lower as investors digested minutes from the last Federal Reserve meeting and awaited results from AI bellwether Nvidia. "The big story today is the banks," said Colin Cieszynski, chief market strategist at SIA Wealth Management. "Bank earnings were quite impressive given the risks that are facing the Canadian economy right now." Canada sends 75% of its exports to the United States so its economy could be hurt particularly badly in a global trade war. Bank of Montreal, Canada's third largest lender, and National Bank of Canada beat analysts' estimates for quarterly earnings. Their share prices rose 1.5% and 3.8% respectively. Canadian property and casualty insurer Definity Financial's $2.4 billion purchase of Travelers Cos' Canadian business could spur a wave of consolidation in Canada's insurance sector, its CEO said. Shares of Definity Financial jumped 11.3%. The heavily weighted financials sector added 0.2% and the materials group, which includes metal mining shares, was up 0.6%. Technology lost 0.3%, while energy ended 0.7% lower despite higher oil prices. U.S. crude oil futures settled up 1.6% as OPEC agreed to leave their output policy unchanged and the U.S. barred Chevron CVX.N from exporting Venezuelan crude. (Reporting by Fergal Smith in Toronto and Sanchayaita Roy in Bengaluru; Editing by Shilpi Majumdar, Sahal Muhammed and Alistair Bell)
Business Recorder
12-05-2025
- Business
- Business Recorder
TSX gains on US-China tariff agreement
Canada's main stock index rose on Monday as the United States and China reached a deal to reduce tariffs, boosting investor optimism and easing fears of an all-out trade war disrupting global markets. The Toronto Stock Exchange's S&P/TSX composite index rose 0.7% at 25,531.01 points, tracking gains in U.S. peers. The index hit over a three-month high earlier in the session. The two biggest economies announced on Monday that the U.S. will cut the extra tariffs it imposed on Chinese imports in April to 30% from 145%, while Chinese duties on U.S. imports will reduce to 10% from 125%. The new measures will be effective for 90 days. 'Canadian markets can benefit from the big easing in trade tensions (as) it shows that the tariff war may be able to get resolved more quickly than people had previously thought', said Colin Cieszynski, chief market strategist at SIA Wealth Management. The U.S.-Sino deal comes days after a U.S.-UK limited trade agreement, easing fears that U.S. President Donald Trump's reciprocal tariffs announced on April 2 would roil global trade and spark a worldwide recession. Back home, Canadian Prime Minister Mark Carney's new cabinet will be sworn in on Tuesday. On TSX, energy stocks gained 3.1%, tracking a jump in oil prices, while information and technology stocks advanced 4.1%. On the flip side, mining stocks fell nearly 4% after safe-haven gold fell more than 2%. Pan American Silver fell 14.1% after the miner plans to acquire MAG Silver Corp in a transaction that values the silver mining company at about $2.1 billion. Conversely, MAG Silver rose 7.2%. Hudbay Minerals jumped 8.8% after the miner beat first-quarter profit and revenue estimates. Shares also rose on the back of higher copper prices.
