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TSX Falls Short Wednesday

Baystreet - Wed Nov 8, 2023

Equities in Canada’s largest market still found themselves having to make up lost ground as Wednesday’s session drew to a close, as resource stocks took a beating.

The TSX Composite slid 45.38 points to close the midweek session at 19,530.21.

The Canadian dollar sank 0.12 cents at 72.50 cents U.S.

Gold stocks tailed off, primarily, Torex Gold, down 72 cents, or 5.3%, to $12.97, while Iamgold dipped 12 cents, or 3.6%, to $3.20.

In energy plays, Athabasca Oil demurred 22 cents, or 5.5%, to $3.79, while MEG Energy gave back 97 cents, or 3.8%, to $24.88.

Materials also were on the down side looking up, with Pan American Silver bruised $1.81, or 8.7%, to $18.83, while First Quantum Minerals lost $1.03, or 6.2%, to $15.58.

Industrials tried to make things up, with ATS Corporation gaining $4.74, or 10.2%, to $51.31, and Brookfield Business Partners strengthening 92 cents, or 4.6%, to $20.77.

In tech stocks, Converge Technology added 13 cents, or 4.2%, to $3.24, while Tecsys gained $2.51, or 9.7%, to $28.27.

In financials, Nuvei Corporation acquired $4.31, or 19.9%, to $26.00, while Goeasy picked up $5.25, or 4.4%, to $125.35.

On the economic docket, Statistics Canada reports building permits decreased 6.5% in September to $11.2 billion.

ON BAYSTREET

The TSX Venture Exchange lost 4.1 points to 514.05.

The 12 TSX subgroups were equal between gainers and losers. Gold descended 2.4%, while energy and materials each slipped 2%.

The half-dozen gainers were led by industrials, up 0.6%, information technology, advancing 0.5%, and financials, ahead 0.3%.

ON WALLSTREET

The S&P 500 hovered near the flatline on Wednesday, but successfully extended its longest winning streak in about two years.

The Dow Jones Industrials came off its lows of the afternoon, but still finished Wednesday behind 39.8 points to 34,112.80.

The much-broader index forged higher 4.42 points to 4,382.80, improving its win streak to eight straight sessions.

The NASDAQ gained 10.56 points to 13,650.41.

In other news, Rivian slipped 2% even after posting better-than-expected results, while Robinhood sank 14% after posting significant declines in trading volumes. Warner Bros. Discovery sank nearly 18% after posting a wider-than-expected loss, while Roblox popped 12% on strong results.

Earnings season continues after the bell with results from Walt Disney, Affirm Holdings and MGM Resorts.

Prices for the 10-year Treasury were higher, lowering yields to 4.52% from Tuesday’s 4.57%. Treasury prices and yields move in opposite directions.

Oil prices dipped $1.73 to $75.64 U.S. a barrel.

Gold prices sank $17.40 to $1,956.10.

Provided Content: Content provided by Baystreet. The Globe and Mail was not involved, and material was not reviewed prior to publication.

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