Stocks in Toronto came off their highs of the day Thursday, but still enjoyed healthy gains, as strength in tech issues overcame a dwindling in energy stocks.
The TSX gained 63.16 points to conclude Thursday’s session at 16,184.54.
The Canadian dollar pulled added 0.17 cents to 75.31 cents U.S.
Among tech stocks which triumphed, Constellation Software leaped $49.35, or 3.3%, to $1,528.98, while Absolute Software took on 38 cents, or 2.4%, to $16.55.
Real-estate concerns also scored, as Artis REIT hiked 38 cents, or 4.8%, to $8.33, while Brookfield Property Partners gained 71 cents, or 4.4%, to $16.74.
Consumer discretionary stocks also did well Thursday, most notably, Martinrea International, up 36 cents, or 3.8%, to $9.89, while Gildan Activewear seized 91 cents, or 3.4%, to $27.14
Energy stocks made up the only group going south, with Cenovus Energy down 33 cents, or 6.4%, to $4.86, while Crescent Point Energy shed nine cents, or 5.6%, to $1.52.
On the economic slate, Statistics Canada said the value of building permits for August rose 1.7% to $8.1 billion in August, driven by an increase in the residential sector in Ontario and Quebec.
Also, the Markit Manufacturing Purchasing Managers Index registered 56.0 in September, up from 55.1 in August, to signal the sharpest improvement in operating conditions since August 2018.
ON BAYSTREET
The TSX Venture Exchange popped 11.41 points, or 1.6%, to 717.92.
All but one of the 12 TSX subgroups were in plus territory on the day, with information technology picking up 2.1%, real-estate ahead 1.5%, and consumer discretionary in the green 1.2%.
Energy was lone sector to miss the party, spilling 3.5%.
ON WALLSTREET
Stocks pared earlier gains and finished Thursday’s session slightly higher as hopes for further fiscal stimulus waned.
The Dow Jones Industrial Average maintained gains of 35.2 points to 27,816.90.
The S&P 500 added 17.8 points, to 3,380.80.
The NASDAQ added 159 points, or 1.4%, to 11,326.51.
The major averages are coming off their first down month since March. The 30-stock Dow lost 2.2% in September, a typically weak month for equities. The S&P 500 fell 3.9% for the month, while the technology-heavy NASDAQ dropped 5.2%.
However, all three benchmarks achieved strong gains for the third quarter. The S&P 500 rose 8.5% in the quarter for its sixth positive quarter in seven and the index is up 5% for the year.
The market was supported by hopes that despite the public jockeying back and forth, lawmakers would eventually work a bill out. Major technology shares, which could do well even without another stimulus, provided the broader market with some support as Amazon, Microsoft, Alphabet and Facebook all jumped at least 1%. Netflix popped 5.5%.
The 30-stock benchmark and the S&P 500 briefly turned negative after House Majority Leader Steny Hoyer’s office sent out a notice that the House was expected to vote on the Democrats’ stimulus bill Thursday.
Traders were hoping lawmakers would keep delaying that vote in a sign that progress was being made with Republicans on a bipartisan package.
Mixed economic data also kept sentiment in check. U.S. manufacturing activity slowed in September as a purchasing manager’s index fell to a reading of 55.4 from 56 in August, according to the Institute for Supply Management.
The weekly jobless claims report came in better than expected, however. The U.S. Labor Department said first-time filers for unemployment benefits tallied 837,000 in the week ending Sept. 26. Economists polled by Dow Jones expected a total of 850,000.
Prices for the 10-Year Treasury stepped up, lowering yields to Wednesday’s 0.68%. Treasury prices and yields move in opposite directions.
Oil prices retreated $1.57 to $38.65 U.S. a barrel.
Gold prices gained $16.10 to $1,911.60 U.S. an ounce.
