Equity markets went in two directions Wednesday, with those in Canada firmly in the green, on the back of consumer and utility issues.
The TSX gained 83.16 points, to close Wednesday at 25,488.30
The Canadian dollar was up 0.14 cents at 71.30 cents U.S.
Mining stocks were prominent, as Orla Mining climbed 29 cents, or 4.6%, to $6.58, while Aya Gold & Silver improved 29 cents, or 2.2%, to $13.58. New Gold gathered four cents, or 1.1%, to $3.93.
Brookfield is reportedly planning to drop its plan to take over Spain’s Grifols. Brookfield shares gained $1.62, or 1.9%, to $86.09.
Consumer staples were the heroes of the day, as Primo Water jumped $2.04, or 5.8%, to $37.40, while those for Alimentation Couche-Tard popped $3.38, or 4.3%, to $82.47.
In utilities, Algonquin Power & Utilities picked up 14 cents, or 2.1%, to $6.85, while Brookfield Renewables seized 74 cents, or 2%, to $36.94.
Health-care also collected, with Bausch Health Companies ahead 29 cents, or 2.6%, to $11.39, while Sienna Senior Living improved 13 cents to $16.94.
Gold faded, though, as Kinross Gold gave up 27 cents, or 1.9%, to $13.74, while Osisko Gold Royalties surrendered 24 cents to $27.09.
In materials, Interfor handed over 61 cents, or 2.9%, to $20.34, while Capstone Mining dipped 16 cents, or 1.7%, to $9.46.
Tech stocks also got bruised, with Dye & Durham dropping 90 cents, or 4,4%, to $19.70, while Celestica lost $5.28, or 4.3%, to $116.70.
ON BAYSTREET
The TSX Venture Exchange climbed 8.13 points, or 1.4%, to 607.91.
All but three of the 12 TSX subgroups were in the green, led by consumer staples, up 1.8%, utilities, advancing 1.2%, and health-care, better by 0.9%.
The two laggards were information technology, slumping 0.4%, and gold, duller by 0.2%.
ON WALLSTREET
Stocks fell in light trading on Wednesday as investors took some risk off the table following big November gains.
The Dow Jones Industrials retreated 138.25 points to 44,722.06
The S&P 500 Index subtracted 22.89 points to 5,998.74, snapping a seven-day winning streak.
The NASDAQ Composite lost 115.1 points to 19.060.48.
Traders appeared to take profits on big technology names that have largely performed well this year, which can explain the Nasdaq’s underperformance. Nvidia, which has surged more than 168% in 2024, lost 1.6% in the session. Meta Platforms slid nearly 1% after rallying around 60% this year.
Elsewhere in tech, Dell and HP both dropped more than 11% after providing weak earnings guidance.
Still, it’s been a notable week as the Dow and S&P 500 rose to all-time highs. The Dow is now tracking to end the week around 1% higher, while the S&P 500 gained 0.5% and the NASDAQ Composite is up about 0.3%, on the week.
November trading, which has been defined by a postelection rally on the back of President-elect Donald Trump’s victory, also concludes this week. The Dow has climbed more than 7% in November, on track for its biggest monthly gain of 2024. The S&P 500 and Nasdaq have each jumped more than 5%.
Investors followed the latest reading of the personal consumption expenditures price index, or PCE, released Wednesday morning. The closely watched inflation gauge rose 0.2% in October and 2.3% on an annualized basis, in line with expectations from economists polled by Dow Jones. Excluding food and energy, the so-called core measure increased 0.3% month over month and 2.8% compared with a year ago, also matching consensus forecasts.
Prices for the 10-year Treasury jumped, lowering yields to 4.25% from Tuesday’s 4.30%. Treasury prices and yields move in opposite directions.
Oil prices recovered a penny to $68.78 U.S. a barrel.
Prices for gold perked $17.30 an ounce to $2,638.60 U.S.
