Stocks Keep Winning Ways

Equities in Canada’s largest centre displayed solid, if unspectacular, gains Wednesday, as strength in tech stocks overcame negatives in utility and resource issues.

The TSX closed higher 39.91 points at 20,330.32.

The Canadian dollar nicked ahead 0.15 cents to 73.90 cents U.S.

Health-care stocks led the pack, primarily on the strength of Tilray, which climbed 36 cents, or 11.1%, to $3.61.

Tech stocks took the “silver” as Tecsys gathered $1.40, or 5.2%, to $28.37, while Constellation Software captured $47.45, or 1.7%, to $2,799.98.

Energy rumbled ahead, Advantage Oil took on 25 cents, or 2.7%, to $9.57, while Tamarack Valley Energy sprinted eight cents, or 2.3%, to $3.62.

In utilities, Brookfield Renewable Partners units retreated $1.27, or 3.5%, to $34.92, while Innergex dipped 28 cents, or 2.1%, to $12.87.

In gold stocks, Lundin Gold handed back 33 cents, or 2%, to $16.75, while Seabridge Gold faded 35 cents, or 2.1%, to $16.05.

In other resource stocks, K92 Mining stumbled 23 cents, or 3.5%, to $6.43, while First Majestic Silver gave up 10 cents, or 1.2%, to $8.43.


The TSX Venture Exchange dropped 3.08 points to 585.07.

Seven of the 12 TSX subgroups gained ground Wednesday, health-care issues skyrocketing 2.5%, while information technology prospered 0.8%, and energy ended the day above water 0.6%.

The five laggards were weighed most by utilities, losing 0.8%, while gold lost 0.5%, and materials weakened 0.4%.


The S&P 500 advanced Wednesday and achieved a four-day winning streak, as investors assess new U.S. economic data.


The Dow Jones Industrials gained 37.57 points to 34,890.24.

The S&P 500 index forged ahead 17.24 points to 4,514.87, aided by a 1% climb in chipmaker Nvidia. Shares of Apple climbed more than 1%, after the company sent out invites for a Sept. 12 launch event where the iPhone 15 is expected to be unveiled.

The NASDAQ index soared 75.55 points to 14,019.31.

Shares of Hewlett-Packard dipped 6.4% after reporting quarterly results which included a revenue miss. Shares of Insulet added 8.3% after chief executive James Hollingshead increased his personal stake in the company by 19.4%

Wednesday’s moves come as traders pore over disappointing payrolls data. ADP said private employers added 177,000 jobs in August.
That’s well below a revised July number of 371,000. It also missed a Dow Jones estimate of 200,000.

Meanwhile, annual gross domestic product growth was downwardly revised on Wednesday to 2.1% from the previous 2.4% forecast.
This is the second day investors appear to treat weaker-than-expected economic data as good news for stocks.

On Tuesday, the major U.S. stock benchmarks rallied following the release of disappointing consumer confidence figures and a bigger-than-forecast drop in U.S. job openings for July. This sparked hope among traders that the Federal Reserve could lighten its policy stance sometime soon.

Despite the gains, the three major indexes remain on pace for losses in August with just two trading days left. The Nasdaq Composite is poised to end August 2.8% lower, while the Dow and S&P 500 are both slated for drops of around 2%.

Prices for the 10-year Treasury lost ground, raising yields to Tuesday’s 4.12%. Treasury prices and yields move in opposite directions.

Oil prices moved up 52 cents to $81.68 U.S. a barrel.

Gold prices brightened $6.30 to $1,971.40 U.S. an ounce.