S&P/TSX Composite Index

TSX Down 27 Points in Choppy Trade With Energy The Worst Performer

The Toronto Stock Exchange is down 27 points in choppy trade, with energy the worst performerEnergy, down 2.0% is the worst performer, pulled down by lower oil prices as hopes remain that a deal may be nearing to allow tankers to deliver crude once again from the Persian Gulf to customers. Traders are still waiting Iran's response to the latest U.S. proposal.Limiting losses are gains in info tech (+1.7%) and telecoms (+0.6%).In stocks, B2Gold (BTO.TO) is up over 15% and is the most actively traded on the TSX after it reported a first-quarter earnings beat.Sherritt (S.TO) plunged 32% to $0.17 with 7.2-million shares being traded, after it suspended its direct participation in joint-venture activities in Cuba, after the U.S. widened sanctions on the country. Sherritt is repatriating its expatriate employees in Cuba. Three directors, including board chair Brian Imrie are reported to have resigned from the board. Sherritt and the General Nickel Company of Cuba each hold a 50% stake in the Moa joint venture.

TSX Up Near 120 Pts, But Was Up Nearer 180 Pts In Early Moments of Thursday Trade; Still, Adding To 415 Pts Gained Wednesday

TSX Closer: The Index Rises on Peace-Deal Hopes; Canada Seen As a "Relative Outperformer"

The Toronto Stock Exchange closed higher for only the second session in the last nine on Wednesday as National Bank noted markets are rejoicing over news the United States and Iran are nearing a peace deal, and said even though G7 yields may remain high, the overall economic environment "favours Canada as a relative outperformer" given the nation's inflationary and fiscal standings.The S&P/TSX Composite Index closed up 414.91 points, or 1.2%, to 33,981.82 with most sectors higher, led by Base Metals, up by more than 6%, as gold gained on the possibility of an easing in Middle East tensions. Energy was the biggest loser, down 5%, with oil prices going the opposite direction to gold on the U.S. and Iran news.National Bank noted markets rejoiced this morning over news the U.S. and Iran are nearing a peace deal. But even with today's bond market rally, advanced-economy yields remain considerably higher than they were before the Iran conflict began, the bank said. In fact, it added, the average G7 10- and 30-year borrowing cost ended April at 17-year highs and Canada remains within a few basis points of these levels today.Even if a the combatants reach a permanent de-escalation, the risk that the long-end remains high is very real, National Bank said. Certain members of the group, notably the U.S. and U.K, were already contending with overly high price pressures before a single missile was launched. Several members have been overly generous in their spending by subsidizing energy (or cutting taxes), despite the fragility of their public finances, the bank noted. "The lack of fiscal discipline combined with a high level of geopolitical risk will continue to put upward pressures on term premiums going forward," National Bank added.On the foreign-exchange side, National Bank said markets are increasingly treating the long-term yield moves as risk premiums rather than return premiums. For the U.S. dollar (USD), safe-haven flows are reversing, and the broad USD is now nearly back to where it was before the conflict, leaving it still down 7% from when President Trump first took office. In Japan, higher yields are undermining, rather than restoring, yen support, the bank noted. "While G7 yields may remain high, this environment favours Canada as a relative outperformer given that inflation was much better contained and fiscal policy is on a more sustainable trajectory. We expect some near-term softness through Q2 but look for the currency to strengthen into the second half of the year," National Bank added.Of commodities, West Texas Intermediate crude oil plunged 7% on Wednesday following reports the U.S. and Iran are close to an agreement to end their war, offering up the possibility the Strait of Hormuz could soon reopen. WTI crude oil for June delivery closed down US$7.19 to settle at US$95.08 per barrel after touching US$88.66 in Asia trade, while July Brent oil was down US$9.13 to US$100.74.But gold was higher by midafternoon Wednesday as the U.S. dollar and yields were sharply lower on reports of an Iran peace deal, while U.S. private-sector hiring surged last month. Gold for June delivery was last seen up $138.50 to US$4,707.00 per ounce.

TSX up 360 Points With Miners, Financials Leading Gains

The Toronto Stock Exchange is up 360 points at midday with miners (+5.2%) and financials (+15%), the best performers.Energy and info tech, down 4.8% and 1.6%, respectively, are the worst performers.Energy stocks are down as oil prices sink on hopes that the U.S. and Iran may be nearing a deal to re-open the Strait of Hormuz, media reports say.In domestic news, the Ivey Purchasing Managers Index (PMI) data released Wednesday showed that Canadian economic activity grew in April at the fastest pace in seven months as employment and prices accelerated. The seasonally adjusted index rose to 57.7 last month from 49.7 in March, its highest level since September.In stocks, Vermilion Energy (VET.TO) slumped over 12% to a fresh 52-week low, after it reported a first-quarter earnings miss.

TSX Up Near 370 Pts Early Wednesday; Index Was Down In All But 1 of the Last 8 Full Sessions

Nasdaq 100 Futures Up 1.3% and S&P Futures Up 0.75%

S&P Futures Up 0.75% As U.S. Sees Nearing Agreement With Iran On Memo To End War, according to Axios, Bloomberg TV reporting

TSX Closer: Index Down In All But 1 of the Last 8 Sessions; Morningstar Cites 10 Top-Performing Dividend Stocks

The Toronto Stock Exchange has closed lower in all but one of the last eight sessions, with the latest losses on this Tuesday coming as U.S. Defense Secretary Pete Hegseth said the US-Iran ceasefire "is not over" despite attacks in the Strait of Hormuz yesterday.The S&P/TSX Composite Index closed down 71.96 points, or 0.2%, at 33.566.91, even as most sectors were higher, led by Health Care, up 2.5%, followed By Base Metals, up 2%, and Energy, up 1.4%. Information Technology was down near 4.2% and the Battery Metals Index was down 2.6%.Among individual stocks, BNN Bloomberg TV cited Ero Copper, up more than 5% today and up just short of 100% over one year. The company reported first-quarter results earlier Tuesday. BNN also cited Parex Resources (PXT.TO), up near 5% as Frontera (FEC.TO) obtained a final order approving their plan of arrangement.On the negative side, BNN cited Shopify (SHOP.TO), down more than 15% after its Q1 results, and Keyera (KEY.TO), which lost more than 7% as the Competition Bureau moved to block its $5.15-billion acquisition of Plains All American Pipelines Canadian natural-gas liquids business.Still on individual stocks, Morningstar Canada said the top performing dividend payers in April included engineering and construction company Aecon (ARE.TO), Canadian Imperial Bank of Commerce (CM.TO), and asset management firm IGM Financial (IGM.TO). Morningstar noted dividend-paying stocks that "combine healthy balance sheets with hefty yields" can provide investors with "steady incomes, cushion against market downturns, and grow investments at a healthy clip".A screening of the Morningstar Canada Index, which measures the performance of Canada's broad regional markets, targeting the top 97% of stocks by market capitalization, for companies with a forward dividend yield of at least 1.5%, excluding real estate investment trusts, showed the best performing Canadian dividend stocks last month. This included the aforementioned Aecon, CIBC and IGM. The list also included National Bank of Canada (NA.TO), TD Bank Group (TD.TO), Industrial Alliance Insurance and Financial Services (IAG.TO), Power Corporation of Canada (POW.TO), TMX Group (X.TO), Sun Life Financial (SLF.TO) and Superior Plus (SPB.TO).Of commodities, gold traded higher by midafternoon, rising off a five-week low as treasury yields weakened. Gold for June delivery was up US$35.60 to US$4,568.90 per ounce.But West Texas Intermediate crude oil fell 3.9% with the ceasefire between the United States and Iran seen holding, calming Monday's gains as violence in the Persian Gulf eased. WTI crude oil for June delivery closed down US$4.15 to settle at US$102.27 per barrel, after rising 4.4% on Monday, while July Brent oil was down US$4.24 to US$110.20.

TSX Edges up 16 Points at Midday With Most Sectors Higher, Info Tech Falls

The Toronto Stock Exchange is up 15 points at midday with most sectors higher.The best performers are miners and healthcare, both up 2%, followed by energy, up 1.3%.Offsetting gains is info tech, which is down 3.9%. Shopify (SHOP.TO) which reported its first-quarter earnings this morning, is down 12.5% to $151.60, with 2.4 million shares being traded. The company's second-quarter profit outlook missed expectations as it projected operating expenses of between 35% and 36% of revenue.In other news, focus was on the release of Canadian trade data for March, which CIBC described as "surging and glittering". The bank noted a $1.8 billion goods trade surplus compared with a $5.1 billion deficit in the prior month and consensus expectations for a $2.5 billion shortfall. Total exports surged by 8.5%, driven almost exclusively by metals and energy. Excluding those two areas, exports were up by a much more modest 1.1%. Auto exports rebounded further from January's low (+4.5%) but remained roughly 20% down on a year-over-year basis. Adding in services trade, which was fairly balanced in March, Canada's total trade balance with the world moved from a deficit of $5.0 billion in February to a $1.7 billion surplus.CIBC said: "While a trade surplus in March was unexpected, it was mainly driven by price fluctuations rather than any signs that real economic activity was stronger than anticipated. Combined with signs last week that higher gasoline prices may already be having a negative impact on consumer spending, we continue to expect only modest GDP growth this year and little evidence that slack within the economy is being absorbed. That should see the Bank of Canada look through a near-term spike in headline inflation, keeping interest rates on hold this year."

TMX Target Edged Up To C$64 From $63, Keeps Sector Perform at National Bank On "Strong Beat, With Minor Nitpicks" In Its Q1 Results

TMX Target Edged Up To C$64 From $63, Keeps Sector Perform at National Bank On "Strong Beat, With Minor Nitpicks" In Its Q1 Results

TSX Now Up Nearer 30 Pts, Having Been Up By More Than 110 Pts In Early Tuesday Trade; Follows 7 Losses In Last 8 Sessions

S&P Futures Up 0.35%

TSX Closer: Down Again On Mideast Tensions, Talk of a Tightening Rate-Hike Cycle and the Trade Spat With the U.S.

The Toronto Stock Exchange was down again on Monday, its seventh loss over the last eight trading sessions, as tensions spike around the Strait of Hormuz, the Bank of Canada is seen embarking on an "aggressive tightening cycle in the near term" and the Canadian federal government appears to be preparing people for a drawn out trade war with the United States.The S&P/TSX Composite Index closed down 252.31, or 0.7%, to 33,638.87, with most sectors lower, led by Base Metals, down near 2%, amid weaker gold prices. Energy was the biggest gainer, up 1.35%, on an elevated oil price.According to FactSet the TSX going in to today was down 455.11 points, or 1.33%, over the last two losing weeks. Still, year-to-date the index was up 2,178.42 points, or 6.87%, as of last Friday's close.In the Strait of Hormuz, the BBC on Monday afternoon noted, among other related headline stories, that President Trump said the U.S. struck seven Iranian fast boats after vowing to help stranded vessels out of the Strait of Hormuz, while Iran's military said it fired warning shots at American warships.Royce Mendes, Head of Macro Strategy at Desjardins, said the resumption of "kinetic conflict" in the Iran war has prompted a reassessment of the global monetary policy outlook. In Canada, he noted, Overnight Index Swap (OIS) markets now imply the Bank of Canada will embark on an "aggressive tightening cycle" in the near term. "In our view, current market pricing appears to be embedding persistently high oil prices, somewhat consistent with the upside risk scenario outlined by the Bank just last week," said Mendes.In its Monetary Policy Report, Mendes noted, the BoC's base case projections were conditioned on a "relatively benign" oil-price assumption. However, he also noted, policymakers also highlighted an alternative scenario in which oil prices remain near US$100 per barrel for at least the next two years. While growth in that scenario is only modestly stronger than in the base case, inflation is materially higher and more broad based.Governor Macklem, Mendes noted, emphasized that if higher energy prices translate into "ongoing generalized increases in inflation", multiple rate hikes would likely be required. Mendes said current market pricing already appears to incorporate both the timing and much of the magnitude of the tightening Desjardins would expect under such conditions. To arrive at this conclusion, Desjardins employed a Taylor Rule consistent with BoC literature, supplemented with judgment to replicate a forward looking policymaker. In this scenario, the yield curve would likely flatten further, reflecting the assumption that policy tightening would ultimately prove temporary, Mendes added.By contrast, the Desjardins base case assumption is that oil prices begin to retrace in the coming months, creating a compelling case for a reversal in rates markets. "While inflation concerns currently dominate the narrative and investors are increasingly hedging against the risk of runaway inflation, we view the present environment as fundamentally different from the post-COVID period, when inflation surged amid extraordinary policy support and acute supply disruptions," Mendes said. "Moreover, existing fragilities in the Canadian economy and financial system would make an extended or aggressive tightening cycle particularly costly," he added.This comes as the federal government is launching a new $1 billion loan program for steel, aluminum and copper businesses impacted by U.S. President Trump's tariffs.Industry Minister Melanie Joly and minister responsible for the Federal Economic Development Agency for Southern Ontario Evan Solomon made the announcement in Ontario on Monday morning. "The new measures announced today will protect workers and ensure companies have the tools and financing they need to keep operating, growing, and building Canada's strength at home," Joly said in a statement. The funding was not part of last week's spring economic update.Joly pointed to the Trump administration's adjustment to Section 232 tariffs, which imposed 50% duties on items made entirely or almost made entirely of steel, aluminum and copper, and 25% levies on derivative items, as a reason for the initiative. Those tariffs came into effect on April 6.Canada has imposed a 25% tariff on a list of U.S. steel product imports worth $12.6 billion and aluminum products worth $3 billion in response to Trump's tariffs. The federal government has also slapped a 25% surtax on specific Chinese steel and aluminum products and quota restrictions to combat unfair trade practices and overcapacity as a way to help those industries.Of commodities, West Texas Intermediate crude oil closed higher Monday in volatile trade as traders eye escalating violence in the Persian Gulf. WTI oil for June delivery closed up $4.48 to settle at US$106.42 per barrel, while July Brent oil was last seen up $6.53 to US$114.70.But gold traded lower by midafternoon Monday as the dollar and yields rose, forcing the precious metal below the tight range it has stuck within for the past month. Gold for June delivery was down $112.20 to US$4,533.20 per ounce, the lowest since March 27.

TSX Down 200 Points at Midday With All Sectors Lower

The Toronto Stock Exchange is down near 200 points at midday with all sectors in the red.Miners and energy are the worst performers, down 1.8% and 1.3%, respectively.Oil prices were higher early Monday in volatile trade after Iran claimed it struck a U.S. warship moving into the Strait of Hormuz with two missiles, a claim denied by U.S. Central Command, according to reports. If such a hit did happen, it would potentially bring an end to a ceasefire between the two countries.Gold traded lower early Monday as the dollar and yields rose, but the precious metal remains within the tight range it has stuck within for the past month.In other news, CIBC notes that since the conflict in Iran began on February 28, fertilizer and chemical equities have broadly outperformed, rising ~14% on average. This compares to a 5% gain in the S&P 500 and a 1% decline in the TSX Composite over the same period.While the Middle East conflict continues to disrupt trade flows, fertilizer and methanol commodity markets were relatively subdued last week. U.S. fertilizer prices appear to have reached levels that challenge affordability, while buyer interest has also largely shifted to summer/fall fill requirements rather than prompt needs, writes analyst Hamir Patel.

TSX Now Up 20 Pts, Was Down 120 Pts Early Monday; Comes After Losses In 6 of Last 7 Full Sessions

TSX Down 120 Pts Early Monday; Comes After Losses In 6 of Last 7 Full Sessions

Nasadaq 100 Futures Now Flat To Slightly Lower and S&P Futures Down Less Than 0.15%; Both Were Down Near 0.5% Last Hour

Correction: -- Nasdaq 100 Futures and S&P Futures Both Down Near 0.5%

Nasadaq 100 Futures and S&P Futures Both Down Near 0.5%

S&P Futures Down 0.55%