TSX hits record high with mining shares up, S&P/TSX composite index closes up 0.5%

From The Globe and Mail: 2024-04-09 05:14:13

Canada’s main stock index reached a record high boosted by higher gold prices. The S&P/TSX composite index closed up 0.5%, led by the materials sector rising 2.1%. Oil prices settled 1.4% lower, impacting the energy sector. Investors anticipate a steady benchmark interest rate from the Bank of Canada but foresee an easing campaign beginning in June.

BlackBerry Ltd shares rose 7.4% after a collaboration with AMD. In contrast, Tilray Brands Inc shares tumbled 20.3%. On Wall Street, Nasdaq and S&P 500 saw modest gains. The Nasdaq Composite Index advanced, while the blue-chip Dow Jones remained unchanged. Investors anxiously awaited the Consumer Price Index amid inflation concerns.

Major U.S. banks, including JPMorgan Chase & Co, Wells Fargo & Co, and Citigroup Inc, are set to report first-quarter results on Friday. Analysts are looking to the cyclical sectors as a sign of corporate health. While small business optimism hit an 11-year low, concerns about inflation persist. The Dow Jones Industrial Average fell slightly, while the S&P 500 and Nasdaq Composite both posted gains.

Nine of the 11 major S&P 500 sectors closed higher, with real estate leading the gains. Financials were the biggest laggards. Analysts project a 5.0% year-on-year growth in S&P 500 first-quarter earnings. Cryptocurrency stocks declined alongside falling bitcoin prices. Moderna’s stock jumped after positive trial results for a cancer vaccine. Alphabet Inc’s shares climbed, inching closer to a $2 trillion market cap. Market trends favored advancers on both NYSE and Nasdaq. Volume on U.S. exchanges remained steady.



Read more at The Globe and Mail: The close: TSX extends record-setting run as mining shares climb