Canadian Stock Market Rises: Canada’s major stock index rose Wednesday despite a challenging trading session. Higher crude oil prices and strong earnings estimates from CAE, a pilot training business, bolstered the stock market and energy sector.
Market players remained vigilant and eagerly awaited Thursday’s U.S. inflation report. The July U.S. Consumer Price Index may rise slightly from last year. By the closing bell, the S&P/TSX composite index (.GSPTSE) on the Toronto Stock Exchange rose 0.34 percent or 69.29 points at 20,275.27.
Most people view the market as a chaotic environment. However, most people are focused on the U.S. Consumer Price Index report. Elvis Picardo, Luft Financial’s senior portfolio manager, expresses it well. He said the impending data might sway the market’s direction as inflation worries have.
After saying it was well-positioned to meet growth ambitions, CAE (CAE.TO) rose 8%. CAE’s performance made it the index’s largest gainer.
After a big quarterly net income loss, technology company Nuvei Corp (NVEI.TO) saw its stock price plunge 39%. This news hurt Nuvei Corp the most.
Also Read: Goldman Sachs Faces Asset Freeze in Russia Amidst Sanctions Fallout
Canada’s second-largest life insurance firm, Sun Life Financial Inc. (SLF.TO), fell 0.4%. The company warned of office real estate market risk despite better-than-expected quarterly earnings.
Heavy energy stocks (.SPTTEN) rose by 1%, matching oil’s new highs. Saudi Arabia and Russia intentionally decreased production, which helped this climb.
Copper prices recovered from their month-low, lifting the materials sector (.GSPTTMT) by 1%. Investors hoped China would receive additional economic aid. Consumer price deflation in July started this.
Brian Madden, the well-known chief investment officer at First Avenue Investment Counsel, calls these recent incidents “just another log on the fire.” This suggests a slowing economy, such as China’s.
This convoluted background has Canadian investors preparing for a week of earnings announcements. Trulieve Weed (TRUL.CD) and Manulife Financial (MFC.TO) earnings will be discussed later.
Canadian building permits dominate these financial initiatives. June building permits increased by 6.1% from May. This new knowledge adds another dimension to the ever-changing economy.
Our Reader’s Queries
What is the outlook for Canadian stocks?
According to experts, Canada’s stock market is set to deliver promising returns in 2024. The anticipated pause in the interest rate environment is expected to boost various crucial sectors, leading to a positive outlook for investors. With this development, investors can look forward to a profitable year ahead.
What is Canada’s largest stock market called?
The TSX, Canada’s biggest stock exchange and one of the largest in North America, was established in 1861 with just 18 stock listings. Over the years, it has emerged as a pioneer in securities-trading technology, constantly innovating to stay ahead of the curve.
What is the average return of the stock market in Canada?
From 1984 to 2021, Canada’s stock market return has averaged at 6.35 percent. The minimum and maximum returns were -19.78 percent and 37.92 percent, respectively. This data is sourced from the Global Financial Development Database.
Is the stock market closed tomorrow?
Both exchanges have standard operating hours from Monday to Friday, starting at 9:30 a.m. and ending at 4 p.m. ET. The markets remain closed during the weekends.