New peak for TSX

Baystreet Stock Market Update (Canada) |

Metals strongest among subgroups

Canada's main stock index reached its highest-ever level on Wednesday as strong U.S. jobs data helped fuel a rise in most major sectors and buoy investor sentiment for equities.

The S&P/TSX composite index gained 63.73 points to close Wednesday at 15,209.79. It traded as high as 15,212.94 earlier in the session.

The Canadian dollar dipped 0.3 cents to 93.76 cents U.S.

The Toronto market topped the previous record reached in June 2008. The milestone comes on the heels of the Canadian benchmark index's gains in 11 of the previous 12 months and an 11.5\% rise since the start of the year.

Financials progressed as Toronto Dominion Bank advanced 0.6\% to $55.24, and Royal Bank of Canada gained 0.4\% to $76.58.

The industrial group rose, with Canadian Pacific Railway adding 1.2\% to $195.56.

Shares of information technology companies were up as BlackBerry jumped 4.6\% to $11.44.

In corporate news, Timmins Gold said its slate of nominees for the board would include Anthony Hawkshaw, earlier nominated by top shareholder Sentry Investments Inc, in a settlement that ended a month-long proxy battle. Shares of Timmins slipped 3.7\% to $1.84.


The TSX Venture Exchange gained 7.66 points to 1,036.07

All but three of the 14 Toronto subgroups were up on the day, most notably metals and mining, ahead 3.9\%, while global base metals were better by 2.8\% and information technology improved 1.2\%.

The three laggards were telecoms, down 0.3\%, consumer staples, off 0.1\%, and real-estate, easing back 0.04\%.


The Dow Jones Industrials fell short in their flirtation with the 17,000 mark, but still achieved an all-time peak, as did their brethren within the S&P 500.

The Dow picked up 20.17 points from Tuesday's all-time high, to finish the day at 16,976.24

The S&P 500 gathered 1.30 points to 1,974.62, and the NASDAQ composite eased 0.92 points to 4,457.73.

Airline stocks were grounded after Delta said the World Cup was taking a toll on business travel in Latin America. American Airlines Group and United Continental were also down sharply.

Constellation Brands shares gained after the beer and wine distributor reported strong quarterly results and boosted its outlook. The U.S. distributor of Corona expects net income from its beer business to grow between 25\% and 30\%.

Shares of the wearable video camera company known as GoPro were down for the first time since it's initial public offering on Thursday. Shares are still trading above $44 U.S. -- a significant premium above the IPO price of $24 U.S..

JPMorgan was another well-known stock on the move. Shares fell nearly 1\% after CEO Jamie Dimon announced he was diagnosed with a curable throat cancer. He will continue working as he undergoes treatment.

The latest jobs data added to the optimism. Paycheck processor ADP said U.S. private-sector payrolls grew by 281,000 in June, far exceeding expectations. The report suggests the U.S. government's monthly payroll tally, which comes out next week, could exceed 200,000, according to one expert.

The head of the U.S. Federal Reserve, Janet Yellen, said in a speech Wednesday that she doesn't currently see any need to shift the central bank's focus from supporting the economy to managing financial risks.

While she sees "pockets of increased risk-taking across the financial system," Yellen argues that policymakers have made progress in safeguarding the system from unexpected shocks since the financial crisis.

Prices for 10-year U.S. Treasuries sagged, raising yields to 2.63\% from Tuesday's 2.56\%. Treasury prices and yields move in opposite directions.

Oil prices fell $1.18 to $104.16 U.S. a barrel.

Gold prices gained two dollars to $1,328.60 U.S. an ounce.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to:


Symbol Name Price Change % Volume
TLFTF Telferscot Resources Inc n/a n/a n/a 0


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