Latest news with #ColinCieszynski
Mint
6 days ago
- 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.
Reuters
12-05-2025
- Business
- Reuters
TSX gains on US-China tariff agreement
May 12 (Reuters) - 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 (.GSPTSE), opens new tab 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 (.SPTTEN), opens new tab stocks gained 3.1%, tracking a jump in oil prices, while information and technology stocks (.SPTTTK), opens new tab advanced 4.1%. On the flip side, mining stocks (.GSPTTMT), opens new tab fell nearly 4% after safe-haven gold fell more than 2%. Pan American Silver ( opens new tab fell 14.1% after the miner plans to acquire MAG Silver Corp ( opens new tab in a transaction that values the silver mining company at about $2.1 billion. Conversely, MAG Silver rose 7.2%. Hudbay Minerals ( opens new tab jumped 8.8% after the miner beat first-quarter profit and revenue estimates. Shares also rose on the back of higher copper prices.
Bloomberg
10-04-2025
- Business
- Bloomberg
Asia Joins Wall Street Celebration of Trump's Tariff Pause
Asian stock markets surged, joining Wall Street's celebration of a 90-day pause in tariffs by President Donald Trump. Japan's Topix Index jumped 8% while shares in Taiwan, particularly dependent on tech exports to the US, surged over 9%. Treasuries rallied after a tumultuous session. Even in China, excluded from the tariff reprieve and hit with an even bigger hike in duties, stocks rose on expectations for Beijing to implement more stimulus measures. Yet there are also signs the euphoria may soon fade. Oil prices reversed their earlier gains, with Brent below $65 a barrel as investors turned their attention to the likely impact of US-China trade tensions on global energy demand. 'The market seems to be treating this like it's over and I'm not convinced it's over yet,' said Colin Cieszynski, chief market strategist at SIA Wealth Management. Andy Sieg, Citi's head of global wealth, warned that clients should stay cautious. 'Don't chase this, don't buy the dip,' he said.
Reuters
14-02-2025
- Business
- Reuters
TSX gives back much of weekly gain after mixed corporate earnings
Feb 14 (Reuters) - Canada's main stock index fell on Friday, weighed by declines for metal mining and consumer discretionary shares, as weaker-than-expected U.S. retail sales data and mixed corporate earnings encouraged investors to pocket much of this week's gains. The S&P/TSX composite index (.GSPTSE), opens new tab ended down 215.28 points, or 0.8%, at 25,483.23. For the week, the index was up 0.2%. "With a long weekend approaching in North America, traders appear inclined to take profits following yesterday's rally," Colin Cieszynski, chief market strategist at SIA Wealth Management, said in a note. "Soft US retail sales and mixed earnings don't appear to be helping sentiment either." U.S. retail sales dropped by the most in nearly two years in January, likely weighed down by frigid temperatures, wildfires and motor vehicle shortages, suggesting a sharp slowdown in economic growth early in the first quarter. Canada sends about 75% of its exports to the United States which has threatened to impose tariffs on global trading partners. 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. The materials group, which includes fertilizer companies and metal mining shares, fell 2.7% as copper and gold prices dropped. Gold was pulling back from a record high. The price of oil settled 0.8% lower at $70.74 a barrel, which weighed on energy shares. The energy sector was down 1% and consumer discretionary ended 1.9% lower. MTY Food Group ( opens new tab shares tumbled 11.9% after the restaurant chain reported fourth-quarter revenue below estimates. Shares of Magna International ( opens new tab were down 4.7% after the auto parts maker cut its 2026 sales estimate and offered a weak revenue forecast for this year. The TSX is set to be closed on Monday for the Family Day holiday.
