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Stocks Point Upward by Noon

Baystreet - Wed Sep 28, 2022
Stocks in Canada’s largest market rose on Wednesday led by precious metal miners and technology stocks, a day after the TSX posted its longest streak of daily

The TSX Composite rocketed 224.41 points, or 1.2%, higher to break for lunch Wednesday at 18,532.72.

The Canadian dollar regained 0.20 cents to 73.08 cents U.S.

Among individual stocks, Sandstorm Gold dipped 74 cents, or 9.7%, to $6.88, after the gold-focused streaming and royalty company announced $80-million bought financing deal.

Algoma Steel Group dropped $1.04, or 10.2%, to $9.13, as brokerages cut their price targets on the stock after the company provided second-quarter guidance.

BlackBerry slipped eight cents, or 1.1%, to $6.91, after the software company reported a fall in cybersecurity revenue for the second quarter,
as customers cut spending due to an uncertain macroeconomic environment.


The TSX Venture Exchange recovered 6.27 points, or 1.1%, to 580.18.

All but one of the 12 TSX subgroups were positive midday, with gold soaring 4.2%, health-care better by 3.2%, and materials improving 2.9%.


Stocks rebounded Wednesday off the new bear market low as U.S. Treasury yields retreated from multiyear highs, and the British pound stabilized after the Bank of England announced a bond-buying plan.

The Dow Jones Industrials strengthened 316.09 points, or 1.1%, to venture into noon hour to 29,451.08

The S&P 500 picked up 43.57 points, or 1.2%, to 3,690.86, one day after the index broke below the June intraday low.

The NASDAQ Composite soared 122.76 points, or 1.1%, to 10,952.26.

The Dow and the S&P 500 were on pace to snap a six-day losing streak.

The Bank of England said it would temporarily purchase long-dated U.K. government bonds in an effort to stabilize its plunging currency. Sterling briefly popped on the news and was last trading 0.1% lower against the dollar at $1.0726.

Shares of Apple are slipping Wednesday following a report that the company is pulling back production of its new iPhone as demand falters.

Treasury prices jumped, pushing yields down to 3.77% from Tuesday’s 3.97%. Treasury prices and yields move in opposite direction.

Oil prices gained $2.42 to $80.92 U.S. a barrel.

Gold prices popped $26.60 to $1,662.80 U.S. an ounce.

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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