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The TSX Composite Index was again up Wednesday, November 24, growing 0.44 per cent by close. The main sectors were all in the green as energy and health care saw the most significant growth, each by about nearly two per cent.
The S&P/TSX Cannabis Index gained for the first time in two weeks growing 2.63 per cent, and when it does, the health care sector usually closes in the green. OrganiGram Holdings Inc and Tilray Inc found themselves in the top gainers list. The energy sector has ballooned 6.45 per cent week-to-date, so it seems this crucial sector is finally paying off as global demand for oil and gas surges.
The close of this trading week, November 26, will be Black Friday and is considered the official kick-off of the holiday spending season. The outlook with regards to earnings for the season remains very optimistic. Could the benchmark index begin 2022 above the 22,000-mark? At close Friday, it sat at 21,548.43, having gained 94.66 points in the day’s trade, so that is very much on the cards.
One-year price chart (November 24). Analysis by Kalkine Group
Volume actives
Manulife Financial Corporation saw 15.34 million shares traded, making it the most active stock and it was followed by energy stars Suncor Energy Inc and Cenovus Energy Inc with 10.46 million shares and 7.34 million shares switching ownership, respectively.
Movers and laggards
Wall Street closes for Thanksgiving ahead of Black Friday
A lot is riding on the upcoming holiday season’s performance with regards to Wall Street gains and the onus is on retailers. Black Friday and Cyber Monday are the bellwethers of how things will shape up and are generally considered a good way to measure consumer sentiment.
This year, it could turn out to be a great year, a sign that we are almost over the pandemic, economically speaking; or, it could all be derailed by the supply chain crisis. It wasn’t off to a great start as the S&P Retail Select Industry Index plummeted 1.41 per cent Wednesday, and will remain close for Thanksgiving, Thursday, before Black Friday.
Nonetheless, retail apart, Wall Street had a very decent day as trade generally grew all day. The Nasdaq grew 0.44 per cent, 70.09 points to close at 15,845.23 and the S&P 500 was up 0.23 per cent, 10.76 points to end at 4,701.46. The Dow was ever so marginally down, 0.03 per cent or 9.42 points to 35,804.38.
Gold yet to recover
Gold has still not rebounded after seeing significant falls in recent sessions, but it was in the green Wednesday, even if by 0.03 per cent to US$ 1,784.30. Brent oil fell a little by 0.07 per cent to US$ 82.25/bbl. Crude was also in the red 0.14 per cent to US$ 78.39/bbl.
Currency news
The loonie was in the red mildly by 0.02 per cent Wednesday while USD/CAD ended at 1.2666. The US Dollar Index did well against the basket of major currencies, up 0.4 per cent and ended at 96.88.
Money market
The US 10-year bond yield fell 1.96 per cent Wednesday to 1.643 and the Canada 10-year bond yield fell 1.33 per cent to 1.783.
