Equities in Canada’s largest market fought their way toward breakeven, pulled in that direction largely by energy and gold stocks.
The TSX Composite index faltered 60.13 points to finish Wednesday at 20,110.89. The exchange closed the first half of calendar 2021, up more than 2,700 points or 15.67%.
The Canadian dollar nicked forward 0.02 cents to 80.68 cents U.S.
Thursday, markets in Canada will be closed in honour of Canada Day.
Energy roared ahead, primarily, MEG Energy, up 26 cents, or 3%, to $8.98, while Tourmaline Oil chugged ahead 92 cents, or 2.7%, to $35.37.
Gold also turned on its “brights”, with Alamos Gold gathering 31 cents, or 3.4%, to $9.48, while B2 Gold gained six cents, or 1.2%, to $5.21.
In the consumer staples area, Alimentation Couche-Tard picked up $1.35, or 3.1%, to $45.37, while Village Farms added 21 cents, or 1.6%, to $13.29.
Tech shares, however, lost ground, as Celestica shed 21 cents, or 2.1%, to $9.72, while Enghouse Systems caved 91 cents, or 1.6%, to $55.34.
In real-estate Altus Group lost $2.45, or 4.1%, to $57.46, while Colliers International Group dipped $2.22, or 1.6%, to $139.00.
Financials also had trouble finding traction, with Brookfield Asset Management losing $1.67, or 2.6%, to $63.16, while Equitable Group fell $2.60, or 1.9%, to $133.30.
On the economic beat, Statistics Canada said its raw materials price index increased 3.2% on a monthly basis in May and was up 40.1% year-over-year, while its industrial product price index rose 2.7% month-over-month in May and was up 16.4% compared with May 2020.
The agency also reported that real gross domestic product contracted 0.3% April, the first decline in 12 months, as 12 of 20 industrial sectors were down.
The Senate on Tuesday adopted Prime Minister Justin Trudeau's government's budget bill, the final step in extending COVID-19 supports through the summer and ahead of a likely election in the fall.
ON BAYSTREET
The TSX Venture Exchange leaped 13.9 points to 960.69, for a jump on the first six months of more than 85 points, or 9.75%.
Seven of the 12 TSX subgroups were still in the red by the close, as information technology dwindled 1%, real-estate slid 0.6%, and financials lost 0.3%.
The five gainers were led by energy, popping 1.1%,, and gold, 1% brighter, and consumer staples, stronger 0.9%.
ON WALLSTREET
The S&P 500 rose to a record high on the final day of June to close out a strong first half of the year for Wall Street.
The Dow Jones Industrials leaped 210.22 points to close Wednesday and June at 34,502.51, boosted by strong days for Walmart, Boeing, and Goldman Sachs.
The S&P 500 added 5.7 points to Tuesday’s record, registering at 4,297.50, for its fifth-straight record close.
The S&P 500 clinched its fifth positive month in a row, rising more than 2% in June. The broad index also notched its best first half since 2019.
The NASDAQ docked 24.38 points from Tuesday’s all-time high, at 14,503.95.
The three biggest winners in the Dow this year so far is Goldman Sachs, which rose nearly 2% on Wednesday and is up more than 40% for the year. American Express and Walgreens Boots Alliance are each up more than 30% year to date.
Wednesday was the last day of the second quarter and final day of the first half of 2021. The S&P 500 has risen 14.4% year to date, while the NASDAQ and the Dow have each gained more than 12%. For the quarter, the S&P 500 climbed 8.2%.
The gains came as nearly 60% of U.S. adults have received a COVID-19 vaccine, allowing the economy to open back up at a rapid pace.
Still, new variants of the virus have raised some concerns that more restrictions such as mask wearing would have to be reinstituted because the pace of vaccinations has slowed.
Homebuilder stocks rose Tuesday after S&P CoreLogic Case-Shiller published its National Home Price Index, which showed home prices rose more than 14% in April from the previous year.
Pending home sales also jumped in May to their highest level since 2005. However, mortgage demand fell last week, the Mortgage Bankers Association said Wednesday, with high prices and low supply appearing to squeeze out some potential buyers.
Elsewhere, the Instituted for Supply Management’s Chicago purchasing managers index came in lower than expected for June but still showed expansion.
On Wednesday, payroll firm ADP reported that private payrolls rose 692,000 in June, beating expectations. However, the firm’s May number was revised down.
Prices for 10-Year Treasurys gained ground, lowering yields to 1.47% from Tuesday’s 1.48%. Treasury prices and yields move in opposite directions.
Oil prices gained 53 cents to $73.51 U.S. a barrel.
Gold prices recovered $6.80 to $1,770.40 U.S. an ounce.
