Indexes Near Unchanged At Thursday’s Finish

By Baystreet Stock Market Update

Canadian Tire, Aphria in Focus

Shares of equities in Canada’s largest market finished fairly flat Thursday, as health-care gains tried to counter losses in the consumer discretionary and real-estate sector.

The S&P/TSX Composite Index struggled into the green 11.76 points to conclude Thursday at 15,144.88

The Canadian dollar gained 0.38 cents at 75.87 U.S.

Top gainers on the TSX were shares of Aphria Inc, which jumped 90 cents, or 7.1%, to $13.55, followed by Canopy Growth, up $1.83, or 4.1%, to $46.97

Gold stocks fared well, too, as Barrick Gold picked up 27 cents, or 1.6%, to $17.12, while Kinross Gold inched up half a cent to $3.26

Among tech issues, Shopify zoomed $9.00, or 4.8%, to $198.00, while Constellation Software tacked on 65 cents to $901.03.

Consumer discretionary issues, however, weighed things down, as Canadian Tire dwindled $2.36, or 1.5%, to $152.69, while Magna International lost $1.02, or 1.5%, to $65.52.

In Real-estate, Colliers International Group capsized $1.42, or 1.7%, to $82.16.

In consumer staples, Maple Leaf Foods faded 31 cents, or 1.1%, to $29.33, while Restaurant Brands International lost $1.59, or 2.2%, to $71.71.

On the economic front, the Canadian Real Estate Association said home sales via Canadian MLS® Systems edged back by 1.6% in October 2018.

CREA adds, while activity is still stronger compared to the first half of 2018, it remains below monthly levels recorded from early 2014 through 2017.

Elsewhere, an ADP report said Canada lost 23,000 jobs in October, hurt by a decline in hiring in the trade, transportation and utilities and natural resources and mining sectors.

ON BAYSTREET

The TSX Venture Exchange gained 5.13 points, to 624.34

Seven of the 12 subgroups were lower, with consumer discretionary dishing off 1.4%, real-estate down 1.1%, and consumer staples off 0.8%.

The five gainers were led north by health-care, stronger by 2.3%, as gold hiked 1.3%, and information technology improved 1%

ON WALLSTREET

The major stock indexes snapped multi-day losing steaks Thursday as J. P. Morgan Chase led banks higher and iPhone maker Apple rebounded after dipping into bear market territory earlier in the week.

The Dow Jones Industrial Average found its wings and soared 208.77 points to 25,289.27, as both Apple and J.P. Morgan Chase climbed about 2.5%. Caterpillar rose 3.4%, while WalMart and Home Depot both weighed on the blue-chip index.

The S&P 500 grew 28.62 points, or 1.1%, to 2,730.20, as gains in financials, energy and technology offset losses in utility stocks.

The gains Thursday snap a five-day losing streak in the S&P 500 and a four-day losing streak in the Dow.

The NASDAQ jumped 122.64 points, or 1.7%, to 7,259.03, as Alphabet added 1.5% and Netflix gained 1.1%.

Financials were mostly up on the day as J.P. Morgan buoyed the big banks higher after famed investor Warren Buffett’s Berkshire Hathaway disclosed a new $4-billion stake in the company. Bank of America, also owned by Berkshire, rallied 2.5%.

WalMart’s missed on revenue estimates in the third quarter, contributing to a 1.9% drop in shares. Though the company reported strong e-commerce sales and raised full-year guidance, the sales miss and news that Buffett dissolved his stake in the company weighed on the stock.

Losses in consumer discretionary stocks were exacerbated by home improvement retailer Home Depot, which fell 1.4% in the wake of disappointing earnings at a major homebuilder.

KB Home sank 15% after the company cut its fourth-quarter sales forecast; peer homebuilder PulteGroup dropped 1.7% while Toll Brothers lost 5.9%.

Cisco shares rallied 5.5% after the tech giant beat on both the top and bottom lines for the first fiscal quarter. The San Jose, California-based Cisco reported revenue rose 7.7% as it takes action to mitigate the impact any future impact from the Trump administration’s trade dispute with China.

Equities also appeared to rally Thursday afternoon after a report said that the U.S. and China have doubled down on efforts to reach an agreement in the growing trade war at the Group of 20 meeting later this month.

Representatives for President Donald Trump and China President Xi Jinping have intensified efforts to strike a deal following a phone call between the two leaders earlier this month, according to a Financial Times report. China reportedly responded to Washington’s requests to deal with a range of American grievances, and the possibility of concessions was reviewed.

Initial claims for state unemployment benefits rose 2,000 to a seasonally adjusted 216,000 for the week ended Nov. 10, the U.S. Labor Department said on Thursday. Retail sales rose 0.8%, higher than the 0.5% expected.

Prices for the benchmark for the 10-year U.S.Treasury gained, lowering yields to 3.11% from Wednesday’s 3.13%. Treasury prices and yields move in opposite directions.

Oil prices rose 24 cents to $56.49U.S. a barrel.

Gold prices moved ahead $3.70 at $1,213.80U.S. an ounce.

This article provided by NewsEdge.