S&P/TSX composite up nearly 150 at closing, U.S. markets also better
TORONTO — Canada’s vital stock index pushed better to total Monday up nearly 150 aspects on gentle shopping and selling action, while U.S. stock markets also gained forward of the Christmas damage.
“Currently is a calm pre-Christmas Day of shopping and selling,” said Kevin Burkett, a portfolio manager at Victoria, B.C.-primarily based totally mostly Burkett Asset Administration.
Whereas markets in each and every Canada and the U.S. had been tender, Burkett suggests looking at the markets carefully for the length of the holiday season, a distinction to what’s on the entire a sleepy length for markets.
“We’re continuing to search markets very carefully here since you’ve bought some tectonic plate transferring by methodology of the macroeconomic backdrop,” he said. “Or now not it is miles the total political conversations each and every in Canada and in the U.S.”
Burkett added fiscal policy seems to be disconnected from monetary policy in the submit-pandemic length.
“The fiscal policy also can honest shift and that shift totally has market implications each and every in the short and long bustle,” he said.
The S&P/TSX composite index used to be up 149.50 aspects at 24,748.98.
Statistics Canada launched its latest numbers on Canada’s economic boost, up 0.3 per cent in October — driven by the mining, quarrying, and oil and gas extraction sector.
The loonie continued its trot, shopping and selling for 69.47 cents US when in contrast with 69.61 cents US on Friday.
The telecom sector used to be the supreme loser at the closing on TSX, which Burkett attributed to “tax loss promoting going down at the extinguish of the year.”
Competition Bureau Canada offered on Monday it used to be suing Rogers Communications Inc. for allegedly making deceptive claims about its limitless wi-fi plans.
The stock stamp for Rogers, which is hovering advance 52-week lows, fell 0.7 per cent on Monday. Meanwhile, BCE used to be down nearly 1.4 per cent and Telus dropped 0.9 per cent.
Burkett urged the day’s unfortunate performance amongst telecom companies used to be likely tax loss promoting since or now not it is nearly the extinguish of the year.
“Or now not it is been a posh year for the conversation providers and products sector,” he said.
South of the border, communications providers and products used to be the tip-performing sector, led by huge-cap tech companies. Quite so a lot of mountainous expertise companies helped give a rob to the gains, including chip companies Nvidia and Broadcom.
In New York, the Dow Jones industrial life like used to be up 66.69 aspects at 42,906.95. The S&P 500 index used to be up 43.22 aspects at 5,974.07, while the Nasdaq composite used to be up 192.29 aspects at 19,764.89.
The February inaccurate oil contract used to be down 22 cents at US$69.24 per barrel and the February pure gas contract used to be down six cents at US$3.35 per mmBTU.
The February gold contract used to be down US$16.90 at US$2,628.20 an oz. and the March copper contract used to be down one cent at US$4.09 a pound.
This document by The Canadian Press used to be first published Dec. 23, 2024.
Companies in this yarn: (TSX: GSPTSE, TSX: CADUSD, TSE: BCE, TSE: RCI. B)
Ritika Dubey, The Canadian Press