September 19, 2024
Canada’s TSX post longest daily winning streak in 13 months #CanadaFinance

Canada’s TSX post longest daily winning streak in 13 months #CanadaFinance

CashNews.co

By Nikhil Sharma and Fergal Smith

(Reuters) -Canada’s main stock index rose for a sixth straight day on Thursday, with resource and technology stocks leading a broad-based rally as U.S. economic data bolstered hopes of a soft landing for the economy.

The S&P/TSX composite index ended up 272.71 points, or 1.2%, at 23,032.72, stopping just short of its record closing high on July 31. The daily winning streak was the longest since July 2023.

The number of Americans filing new applications for unemployment benefits dropped to a one month-low last week and retail sales jumped 1.0% in July, which was the largest increase since January 2023.

The data indicates that “we still have resilient economic growth,” said Angelo Kourkafas, a senior investment strategist at Edward Jones. “And when you combine that with moderating inflation, that is the recipe for a soft landing.”

The latest U.S. consumer price index data, released on Wednesday, showed the annual increase in inflation slowing to below 3% for the first time since early 2021.

All 10 major sectors moved higher, including a gain of 2.7% for technology as shares of Celestica Inc and Shopify Inc climbed.

Energy added 1.7% as U.S. crude oil futures settled 1.5% higher at $78.16 a barrel.

Gold and copper prices also rose, which helped lift the materials group. It ended up 1.6%.

Canadian Labour Minister Steven MacKinnon has rejected a request by Canadian National Railway Co to initiate binding arbitration in a labor dispute with the Teamsters union, a spokesman for the minister said.

Still, shares of CN Rail and Canadian Pacific Kansas City Ltd both ended up 1.9%.

(Reporting by Fergal Smith in Toronto and Nikhil Sharma in Bengaluru; Editing by Shreya Biswas)