New High for TSX Wednesday

Canada's main stock index hit a record high on Wednesday, lifted by mining stocks, as investors assessed domestic economic data and quarterly earnings from major banks in the United States.

The TSX Composite Index regained 80.18 points to commence the mid-week session at 24,519.26

The Canadian dollar nicked ahead 0.05 cents to 72.61 cents U.S.

In corporate news, U.S. fund Artisan Partners urged the board of Japanese retailer Seven & i Holdings to allow due diligence and negotiate a purchase price on Canada's Alimentation Couche-Tard's $47 billion takeover bid. Couche-Tard shares began Wednesday up 20 cents to $73.20.

On the economic slate, the Canadian Real Estate Association says home sales recorded over Canadian MLS® Systems climbed 1.9% on a month-over-month basis in September 2024, reaching their highest level since July 2023 in September. Statistics Canada reports manufacturing sales declined 1.3% in August, largely on lower sales of primary metals as well as petroleum and coal products. The declines were partially offset by higher production of aerospace products and parts.

Canada Mortgage and Housing Corporation said the seasonally-adjusted annualized rate of housing starts rose to 223,808 units from a revised 213,012 units in August.

ON BAYSTREET

The TSX Venture Exchange recovered 5.89 points, or 1%, to 606.31.

All but two of the 12 TSX subgroups showed gains in the first hour, with utilities and gold each accumulating 0.9%, while real-estate gathered 0.7%.

The two laggards were information technology, down 0.8%, and energy, off 0.1%.

ON WALLSTREET

The Dow Jones Industrials were back in plus territory early Wednesday, as Wall Street looks to see whether equities can rebound to record highs this week.

The 30-stock index surged 168.8 points to 42,909.22.

The S&P 500 index regained 7.14 points to 5,822.40.

The NASDAQ Composite dipped 14.32 points to 18,301.27.

Shares of Morgan Stanley rose 3% after topping Wall Street estimates for both its third-quarter earnings and revenue.

Earnings reports this week have been mixed, with solid reports from major banks somewhat offset by weak outlooks from firms like UnitedHealth Group and Dutch chipmaker ASML

Prices for the 10-year Treasury gained, lowering yields to 4.01% from Tuesday’s 4.03%. Treasury prices and yields move in opposite directions.

Oil prices were lower 20 cents to $70.38 U.S. a barrel.

Gold prices added $15.80 to $2,694.70 U.S. an ounce