TSX Slips after Six-Day Rally

Stocks in Canada’s largest market crept and crawled their way through the first hour Wednesday, trying to find the breakeven point afrter nearly a week of continuing positive readings. The TSX dropped nine points to open Wednesday at 17,630 The Canadian dollar regained 0.16 cents to 78.19 cents U.S. Dollarama […]

Stocks in Canada’s largest market crept and crawled their way through the first hour Wednesday, trying to find the breakeven point afrter nearly a week of continuing positive readings.

The TSX dropped nine points to open Wednesday at 17,630

The Canadian dollar regained 0.16 cents to 78.19 cents U.S.

Dollarama beat analysts’ estimates for third-quarter sales, as customers largely staying at home due to the COVID-19 pandemic spent more on Halloween decorations and household essentials.

Shares in the discount retail giant galloped $1.39, or 2.6%, to $54.78.

Canadian Natural Resources said it expects to raise production in 2021 and forecast capital spending to be about $3.21 billion, higher than 2020 forecast of $2.7 billion as the company bets on a faster rebound in demand and prices from pandemic lows.

Natural Resources shares collected 11 cents to $31.52.

Whitecap Resources is buying Torc Oil & Gas Ltd in a $565 million all-stock deal to beef up oil production in Saskatchewan and Alberta regions where it has major operations. Whitecap shares galloped 56 cents, or 12.9%. to $4.91.

The battle to buy British security company G4S Plc is escalating with U.S. giant Allied Universal Security Services LLC submitting a formal takeover bid supported by the target’s board of directors, diminishing Montreal-based rival GardaWorld’s chances of success. GardaWorld shares were unchanged at $11.99.

Air Canada is cutting more routes in Atlantic Canada and warning of station shutdowns, moves the region’s airports say will further isolate the region’s people and force the shutdown of airports. The Maple Leaf Airline saw its shares come in for a landing, down 52 cents, or 1.9%, to $26.82.

Enbridge Inc says it will need to be paid a higher “risk premium” to undertake major, capital intensive crude oil pipelines in future. Enbridge shares gained 30 cents to $43.10.

The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of 0.5%, with the Bank Rate at 0.5% and the deposit rate at 0.25%

ON BAYSTREET

The TSX Venture Exchange dipped 3.09 points to 783.93.

Six of the 12 TSX subgroups were lower in the first hour, with gold dulling in price 2.5%, materials weaker by 1.6%, and information technology clicking 0.8% lower.

The five gainers were led by energy, climbing 1.6%, consumer discretionary, picking up 1.2%, and financials up 0.6%.

Health-care shares were unchanged.

ON WALLSTREET

Stocks grew yet again on Wednesday, improving on record highs set earlier in the day traders weigh the prospects of new fiscal stimulus.

The Dow Jones Industrials jumped 122.4 points to 30,296.28

The S&P 500 gained 3.44 points to 3,705.69.

The NASDAQ moved lower 5.05 points to 12,576.69.

The major averages gave back most of their gains after Senate Majority Leader Mitch McConnell told Politico that Republicans and Democrats were “still looking for a way forward” on additional fiscal aid.

Those remarks came after Treasury Secretary Steven Mnuchin pitched Tuesday a $916-billion stimulus package to House Speaker Nancy Pelosi.

The United States has seen one million new cases in just four days, bringing the national total to over 15 million.

Prices for the 10-Year Treasury moved downward, lifting yields to 0.95% from Tuesday’s 0.92%. Treasury prices and yields move in opposite directions.

Oil prices increased 47 cents to $46.07 U.S. a barrel.

Gold prices slid $28.80 to $1,846.10.

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