Equities in Canada’s busiest centre enjoyed triple-digit gains Wednesday, as strength in industrial and tech stocks overcame nerves in health-care and resource stocks.
The TSX Composite rumbled 106.64 points to close Wednesday 20,689.58.
The Canadian dollar faded 0.06 cents to 79.20 cents U.S.
Industrials showed the most muscle, with Canadian Pacific Railways gathering momentum $4.31, or 4.9%, to $91.00, while Gildan Activewear took on 73 cents, or 1.5%, to $49.23.
In information technology, HUT 8 Mining expanded 34 cents, or 3.4%, to $10.25, while Lightspeed POS jumped $5.12, or 3.7%, to $145.18.
Real-estate issues had respectable gains Wednesday, with Summit Industrial REIT units up 37 cents, or 1.7%, to $21.78. while REAL Matters climbed 24 cents, or 2.1%, to $11.84.
Health-care stocks trailed off, however, with Aurinia Pharmaceuticals docked 61 cents, or 3.5%, to $16.76, while Aurora Cannabis lost 29 cents, or 3.1%, to $9.07.
Gold dulled in price, primarily Iamgold, off 10 cents, or 3.3%, to $2.90, while Torex Gold Resources fell 52 cents, or 3.7%, to $13.58.
In other resource stocks, First Quantum Minerals doffed 36 cents, or 1.4%, to $25.92, while Labradot Iron Ore Royalty let go of $!.08, or 2.5%, to $42.95.
On the economic slate, IHS Markit Canada‘s seasonally-adjusted Manufacturing Purchasing Managers’ Index registered 57.2 in August, up from 56.2 in July. The latest reading extended the period of growth to 14 successive months, with the latest expansion the fourth quickest in the near 11-year history of the survey.
On the campaign trail, Conservatives hammered Prime Minister Justin Trudeau on Tuesday after data showed that the country's economy unexpectedly shrank in the second quarter and again in July, putting the economy at the center of debate three weeks ahead of a national election.
ON BAYSTREET
The TSX Venture Exchange improved 11 points, or 1.2%, to 907.54
Eight of the 12 TSX subgroups were positive on the day, with industrials booming 2%, information technology better by 1.5%, and real-estate 0.7% to the good.
The four laggards were weighed most by health-care, down 1.2%, while gold slumped 0.9%, and materials were down 0.8%. .
ON WALLSTREET
The S&P 500 closed the first trading day of September near the flatline as the strength in technology shares faded, while investors digested a disappointing employment report.
The Dow Jones Industrials dumped 48.2 points to close the first session of September at 35,312.53.
The S&P 500 eked up 1.41 points to 4,524.09, as losses in energy offset gains in utilities and real estate.
The NASDAQ Composite leaped 50.15 points, to 15,309.38, narrowly achieving a record close. Apple jumped as much as 2% to an all-time
high, but pared gains to about 0.5%.
Among individual equities, solar stock Sunrun surged more than 6% after JPMorgan predicted a comeback that would take the shares 90% higher.
Zoom Video shares rebounded slightly following a 16% plunge Tuesday after Cathie Wood revealed she bought nearly 200,000 shares on the dip.
The major averages all finished higher for the month of August. The S&P 500 rose 2.9% for the month, posting its best winning streak since 2017. The NASDAQ gained about 4% for its third positive month and while the Dow lagged, it still added 1.2%.
Investors digested a disappointing employment report. U.S. companies created far fewer jobs than expected in August with private payrolls rising just 374,000, according to payroll services firm ADP. That is well below the Dow Jones estimate of 600,000.
The report is a precursor to the official August U.S. non-farm payrolls data, which will be released Friday. Economists polled by Dow Jones expect 720,000 jobs were created in August and the unemployment rate fell to 5.2%.
Prices for 10-Year Treasurys were moved higher, lowering yields to 1.30% from Tuesday’s 1.31%. Treasury prices and yields move in opposite directions.
Oil prices slid 25 cents to $68.25 U.S. a barrel.
Gold prices fell $1.50 to $1,816.60 U.S. an ounce.
