Latest news with #MikeArchibald
Mint
04-07-2025
- Business
- Mint
TSX notches weekly gain to extend record-setting run
TSX ends up 0.01% at 27,036.16 For the week, the index adds 1.29% Real estate group rises 1.9% as bond yields fall Toronto-area home sales rise for third month July 4 - Canada's main stock index eked out another all-time high on Friday, led by gains for the real estate and consumer staples sectors as long-term borrowing costs fell. The S&P/TSX composite index ended up 1.9 points, or 0.01%, at 27,036.16, eclipsing Thursday's record closing high. For the week, the index was up 1.29%, while it has advanced 9.33% since the start of the year. "The TSX just continues to grind higher and all the stuff that you want to see working in that benchmark still continues to work," said Mike Archibald, a portfolio manager at AGF Investments, pointing to recent strength for the heavily weighted bank stocks, as well as for the materials group, which includes gold mining shares. Volumes were lower than usual, with U.S. markets closed for the Independence Day holiday. "A lot of the stuff that we were hoping to see a couple of months ago we're now starting to see it. You obviously got the tax bill through in the U.S," Archibald said. U.S. President Donald Trump was scheduled to sign a massive package of tax and spending cuts into law at a ceremony at the White House, one day after the Republican-controlled House of Representatives narrowly approved the legislation. The real estate group rose 1.9% as the Canadian 10-year yield eased 4.1 basis points to 3.353% and after data showed Toronto-Area home sales rising for a third straight month in June. Consumer staples was up 0.4%. Four of the ten major sectors ended lower, including technology, which dipped 0.3%, and energy. Energy was down 0.2% as U.S. crude oil futures fell 0.75% to $66.50 a barrel ahead of an expected OPEC output increase. Canada's federal government has not been presented with any private sector proposal to build a new crude pipeline to the Pacific coast, the country's Natural Resources Minister Tim Hodgson said. This article was generated from an automated news agency feed without modifications to text.
Yahoo
20-03-2025
- Business
- Yahoo
TSX posts biggest gain in 7 months after Fed rate decision
By Fergal Smith (Reuters) -Canada's main stock index rose to a near three-week high on Wednesday as energy and technology shares led a broad-based rally after the Federal Reserve was less hawkish than some investors had feared. The Toronto Stock Exchange's S&P/TSX composite index ended up 363.14 points, or 1.47%, at 25,069.21, its highest closing level since February 28 and its biggest advance since August 8. "Certainly seeing a risk-on tone to the tape here," said Mike Archibald, a portfolio manager at AGF Investments. "The driver of this is the Federal Reserve not sounding as hawkish as potentially some were thinking." Wall Street also notched gains after the Fed kept rates unchanged as widely expected. Central bank policymakers indicated they still anticipate reducing borrowing costs by half a percentage point by the end of this year in the context of slowing economic growth and, eventually, a downturn in inflation. Technology was the biggest gainer among sectors, adding 3%, boosted by a 8.3% jump in the shares of e-commerce company Shopify Inc. Energy was up 1.7% as the price of oil settled 0.4% higher at $67.16 a barrel. Heavily weighed financials rose 1.2% and consumer staples ended 2.5% higher. Shares of retailer Alimentation Couche-Tard climbed 6.3% after the company reported quarterly results. Its CEO said a no non-disclosure agreement had been signed over potential stores needed to be sold by the Canadian company and Japan's Seven & i to meet U.S. antitrust conditions for a deal. The materials group, which includes metal mining share, ended 0.9% higher as copper prices climbed and gold moved to a fresh record high. Healthcare was the only one of 10 major sectors to end lower, losing 1%. Sign in to access your portfolio
