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TSX Takes Some Profits to End Wild Week

Baystreet - Fri Dec 15, 2023
Equities in Toronto tumbled on the day Friday, but still had enough in the tank to serve its investors with a sizable weekly gain.

The TSX Composite faded 246.81 points, or 1.2%, to 20,531.99 to close Friday. On the week, though, the index leaped 200 points, or nearly a full percentage point.

The Canadian dollar climbed 0.18 cents at 74.76 cents U.S.

Communications took the worst blows of all the subsectors, weighed most by Cogeco Communications, down $2.78, or 5%, to finish at $53.19, while TELUS shed 68 cents, or 2.8%, to $23.96.

Among real-estate concerns, CAPREIT fell $2.93, or 5.5%, to $50.49, while H&R REIT units dwindled 42 cents, or 4.1%, to $9.72.

Energy stocks took hits, too, as MEG Energy lost $1.03, or 4.2%, to $23.24, while Canadian Natural Resources retreated $3.14, or 3.6% to $83.54.

On the economic slate, Statistics Canada said non-resident investors reduced their exposure to Canadian securities by $15.8 billion in October, led by an unprecedented divestment in private corporate debt instruments. Meanwhile, Canadian investors lowered their holdings of foreign securities by $8.2 billion, nearly all of which was in U.S shares.

Housing starts came in at 212,600 in November, compared to 272,300 in September. The Canadian Real Estate Association declared national home sales edged back 0.9% month-over-month in November.

Statistics Canada reported wholesale sales fell 0.5% to $81.7 billion in October.


The TSX Venture Exchange docked 2.47 points to 531.79. The loss on the week proved to be 5.7 points, or 1.1%.

All 12 subgroups were lower on the day, with communications slipping 3.2%, real-estate off 2.5%, and energy down 2.3%.

Tech stocks eked up 0.1%.


The Dow Jones Industrial Average turned positive late Friday after hitting a fresh intraday record and the tech-heavy Nasdaq-100 headed for a record closing high, as Wall Street tries to end a strong week on a high note.

The blue-chip index gained 56.81 points to close Friday afternoon at 37,305.16.

The S&P 500 turned lower 0.36 points to 4,719.19.

The NASDAQ jumped 52.36 points to 14,813.92.

Shares of Costco climbed more than 4% after the retailer surpassed Wall Street’s estimates for quarterly results and issued a dividend of $15 per share.

The major averages are headed for their seventh straight positive week. As of Friday, the Dow is higher on the week by about 2.8%. The S&P 500 is up by 2.5%, while the NASDAQ Composite has climbed 2.9% so far this week. It would also mark the S&P 500's seventh straight weekly gain, its longest winning streak since 2017.

The S&P 500 could soon join the Dow with its own all-time high. The broad market index is less than 2% away from a record close set in January 2022. The NASDAQ is roughly 8% away from its highest-ever close, and about 9% from its all-time intraday high.

Stocks could see volatile trading as the S&P 500 and NASDAQ go through their respective rebalances. Once complete, Uber will be part of the S&P 500, and DoorDash and MongoDB will be added to the NASDAQ. One concern for this rebalancing is some stocks could end up having outsized weighting going on the indexes.

Prices for the 10-year Treasury fell back a bit, raising yields to Thursday’s 3.91%. Treasury prices and yields move in opposite directions.

Oil prices nosed up 10 cents to $71.68 U.S. a barrel.

Gold prices lost $12.30 to $2,032.60.

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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