Canada Stocks: Toronto stocks rise as healthcare and consumer stocks lead gains

New Gold

27/11/2024 16:20

(Updates with morning hours)
    By Nikhil Sharma
       Nov 27 (Reuters) - Canada's main stock index rose on
Wednesday, amid broad-based gains led by healthcare and consumer
shares, even as investors reflected on Donald Trump's recent
tariff threats and parsed U.S. economic data.
    The Toronto Stock Exchange's S&P/TSX composite index
 .GSPTSE  was up 105.62 points, or 0.42%, at 25,510.76, and was
trading near a record high it last touched on Nov. 25.
    At least 11 sectors on the index were in the green, with
healthcare  .GSPTTHC  and consumer discretionary  .GSPTTCD 
leading with 1% and 0.9% gains, respectively.
    Leading the index were Orla Mining  OLA.TO​ , up 5.4%, Aya
Gold & Silver  AYA.TO , up 5.3%, and New Gold  NGD.TO , up by
4.7%.
    The index is "likely up today after Canada made some pledges
to tighten border control," said Ian Chong, portfolio manager at
First Avenue Investment Counsel.
    Canada's public safety minister said on Tuesday they shared
the United States' concern around security of the border and
have agreed to add new technology as well as provide necessary
personnel.
    Domestic investors have been concerned about President-elect
Donald Trump's pledge to impose a 25% tariff on U.S. imports
from Canada and Mexico.
    Canada sends about 75% of its exports to the United States,
including oil, and Trump does not intend to spare crude oil from
his planned tariffs.
    The Bank of Canada said on Tuesday the proposed measures, if
implemented, would impact both economies and the top bank will
incorporate those into its economic forecasts.
    Meanwhile, Wall Street indexes edged lower on Wednesday
after key inflation data was in line with estimates.
    A Commerce Department report showed the Personal Consumption
Expenditure index rose 2.3% in October on an annual basis. On a
monthly basis it rose 0.2%, in line with economists'
expectations.
    Separately, the U.S. weekly jobless claims fell last week.
    The U.S. economy grew at a solid clip in the third quarter,
the government confirmed on Wednesday, amid robust consumer
spending.
    Traders see a 65.6% chance for a 25-basis-point interest
rate cut from the U.S. Federal Reserve next month.  0#FEDWATCH 
    
    
    

 (Reporting by Nikhil Sharma in Bengaluru; Editing by Krishna
Chandra Eluri)
 ((Nikhil.Sharma@thomsonreuters.com;))