TSX Pokes Higher, Hoping to End Losing Streak

Cineplex in Focus

Equity markets in Canada’s largest centre opened lower on Wednesday, extending declines for a seventh straight session as investors fretted about surging borrowing costs from aggressive policy tightening by central banks globally to curb inflation.

The TSX Composite recovered 64.36 points to open Wednesday at 18,372.27

The Canadian dollar regained 0.22 cents to 73.09 cents U.S.

Among stocks, cinema chain operator Cineplex has reached out to the lenders of Cineworld to revive a potential merger with the bankrupt rival's Regal Entertainment, the Wall Street Journal reported on Wednesday.

Cineplex shares began the day up 28 cents, or 3.2%, to $9.07.

ON BAYSTREET

The TSX Venture Exchange recovered 6.52 points, or 1.2%, to 573.91.

The 12 TSX subgroups were equally served by gainers and losers, as energy jumped 2.2%, materials soared 1.4%, and gold shone 0.8% brighter.

The half-dozen laggards were weighed most by financials, down 1%, industrials, off 0.7%, and real-estate, giving back 0.6%.

ON WALLSTREET

Stocks rose Wednesday as Wall Street attempted to rebound from a new bear market low.

The Dow Jones Industrials headed higher 225.02 points soon after Wednesday’s open to 29,360.01.

The S&P 500 revived 28.23 points to 3,675.52

The NASDAQ Composite soared 68.47 points to 10,897.98.

Shares of Apple were down nearly 4% after a Bloomberg report, citing people familiar with the matter, said the tech company is ditching plans to increase new iPhone production after demand fell short of expectations.

The Bank of England said it would temporarily purchase long-dated U.K. government bonds in an effort to stabilize the plunging British pound. Sterling briefly popped on the news before trading 0.1% lower against the dollar at $1.072.

At least 33 stocks notched fresh lows in early morning trading on Wednesday while shares of Eli Lilly traded near all-time highs dating back to 1952. Among them, Paramount, trading at lows not seen since May 2020; Warner Bros. Discovery, trading at lows not seen since July 2009;
Caesars Entertainment, trading at lows not seen since August 2020

Treasury prices jumped, pushing yields down to 3.81% from Tuesday’s 3.97%. Treasury prices and yields move in opposite direction.

Oil prices gained $2.28 to $80.78 U.S. a barrel.

Gold prices popped $22.40 to $1,658.60 U.S. an ounce.