Canada’s main stock market struggled to make significant headway on Thursday as Wall Street posted solid gains. The S&P/TSX Composite Index was up 11 points or 0.1% to close at 15,144. The TSX edged up a single point on Wednesday. Today, the Dow Jones added more than 200 points while the tech-heavy Nasdaq rose 122 points or 1.7%.
On the TSX, gains in the tech and materials sectors were offset by losses in energy and consumer issues. Oil rose for a second straight day, by a modest 0.4% while gold increased by the same amount. Silver and copper sported gains of more than 1%.
In stock news, heavily traded Bombardier (BBD-B.TO) fell 4% while Aurora Cannabis (ACB.TO) gained 7% and the Green Organic Dutchman was up 10%.
In economic news, Canada’s Teranet/National Bank home price index fell 0.4% in October after the flat reading (0.0% m/m) in September. The pull-back in October is the first drop since February’s 0.1% decline. But the index climbed to a 2.8% y/y pace from 2.1% y/y in September and a year low 1.4% y/y pace in August. Meanwhile, the Canadian Real Estate Association reported that national home sales fell 1.6% from September to October while actual (not seasonally adjusted) activity was down by 3.7% from one year ago. Activity in Canada’s housing market continues to run on a slower track than last year amid higher mortgage rates and government measures to cool the once hot sector.
The Canadian dollar jumped more than a third of a cent to 75.87 US.
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