Negative Finish for TSX

Cogeco Leaps, Canopy Falls

Stocks in Toronto finished off a lackluster day Thursday on the downside, weighed predominantly by health-care and gold weakness.

The S&P/TSX Composite Index faltered 35.39 points to close Thursday at 16,527.90

The Canadian dollar squeezed up 0.05 cents to 76.54 cents U.S.

Health stocks took the worst pounding, as Canopy Growth suffered $2.11, or 4.2%, to $48.49, while Bausch Health Companies sliding $1.26, or 3.9%, to $31.35.

Gold took some knocks, primarily, Alacer Gold, skidding eight cents, or 1.8%, to $4.38, while Kinross Gold dropped 13 cents, or 2.4%, to $5.26.

Materials also slumped, as Fortuna Silver Mines slipped 14 cents, or 3.7%, to $3.63, while Interfor lost 47 cents, or 3.7%, to $12.26.

Communications finished positive, however, as Cogeco Communications popped $5.30, or 5.7%, to $99.15, while Shaw Communications hiked 20 cents to $26.68.

Consumer discretionary tried to make a go of it Thursday, as Dollarama hustled 76 cents, or 1.5%, to $49.96, and Hudson’s Bay Company triumphed 18 cents, or 1.8%, to $93.24.

Industrials crept up, as Cargojet soared $3.08, or 3.5%, to $90.86, and SNC Lavalin took on 25 cents, or 1%, to $25.03.

On matters macroeconomic, Statistics Canada’s new housing price index was released for May, with the figure down 0.1%, after remaining unchanged for three consecutive months.


The TSX Venture Exchange slid 5.45 points to close at 580.40

All but three of the 12 Toronto subgroups were lower, as health-care collapsed 2.6%, while gold dulled in price 1%, and materials weakened 0.7%.

The three gainers were communications, up 0.5%, consumer discretionary stocks gained 0.2%, and industrials forged ahead 0.1%


The Dow Jones Industrial Average rallied to a record high on Thursday, led by UnitedHealth shares, after testimony by Federal Reserve Chair Jerome Powell this week that signaled easier monetary policy could be implemented later this month

The 30-stock index leaped 227.88 points to 27,088.88, closing above 27,000 for the first time in its history.

The Dow first closed above 26,000 in January 2018, thus it has been a little more than a year-and-half trek between 1,000-point moves.

Microsoft has been the best-performing Dow stock since the index’s first close above 26,000, surging around 50% in that time. Visa, Cisco Systems and Nike are also up sharply since then.

The S&P 500 gained 6.84 points to 2,999.91,

The NASDAQ Composite surrendered earlier gains and fell 6.49 points to 8,196.04

Thursday’s milestone was only the latest in the longest bull market in history. The bull run started in March 2009 after the financial crisis. Back then, the Dow was trading around 6,600 points while the S&P 500 hovered below 1,000 points.

UnitedHealth shares surged more than 5% after the White House dropped a proposal to eliminate drug rebates. CVS Health gained 4.7%, and Cigna also jumped on the news, picking up 9.2%.

Delta Air Lines rose 1.1% on better-than-expected earnings. Amazon traded 0.6% higher, bringing its market cap back above $1 trillion.

In testimony to the House Financial Services Committee on Wednesday, Powell said business investments across the U.S. have slowed “notably” recently as uncertainties over the economic outlook linger. As a result, expectations of an upcoming rate cut grew.

In economic news, the U.S. consumer price index — a widely followed measure of inflation — rose more than expected last month, with the core CPI posting its biggest gain in one-and-a-half years.

Prices for the benchmark 10-year U.S. Treasury faded, raising yields to 2.10% from Wednesday’s 2.07%. Treasury prices and yields move in opposite directions.

Oil prices loosed two cents to $60.41 U.S. a barrel.

Gold prices fell $3.90 to $1,408.60 U.S. an ounce.