Stock Market - Canada - October 2024

Source: Toronto Stock Exchange

Commodities:

Summary:

Canada's main stock index gave back much of its monthly gain on Thursday as it fell to a three-week low in a wider selloff that was led by technology shares.

The Toronto Stock Exchange's S&P/TSX composite index ended down 350.92 points, or 1.43%, at 24,156.87, its lowest closing level since Oct. 8. For the month, the index was up 0.65%, its fourth straight monthly increase.

U.S. stocks slumped after 微软 and Meta Platforms highlighted growing artificial intelligence costs that could affect their earnings, curbing enthusiasm for megacap stocks that have fueled the market rally this year.

"It's unusual for the Canadian market to totally detach from the U.S. on a short-term basis," said Brian Madden, chief investment officer at First Avenue Investment Counsel. "So, selling pressure in the U.S. taints the sentiment in Canada."

The materials group, which includes fertilizer companies and metal mining shares, fell 2.4% as gold pulled back from a record high. Still, the index has climbed more than 30% since the start of 2024.

"We're still seeing some client interest in financials and materials," Webull Canada's Constantino said. "They've been winners all year so clients are still picking their spots."

Financials were down 1.4% on Thursday, while technology ended 2.8% lower as Open Text Corp lost 11.1% after reporting quarterly revenue that missed analysts' estimates.

Energy fell 1.2%, with Cenovus Energy Inc down 3.4% after posting a 56% slump in third-quarter profit due to a decline in production.

Bausch Health Companies Inc was a bright spot, with its shares jumping 12.7% after the drugmaker reported stronger-than-expected third-quarter earnings.

Cenovus Energy Bausch Health Companies Inc. OpenText

Brian Madden, CFA, CFP

First Avenue Investment Counsel Inc.

Source: https://ca.finance.yahoo.com/news/tsx-futures-fall-ahead-domestic-104615131.html

1. Canada Oil Production - https://www.energyintel.com/00000192-e329-d44c-a7b3-fb291d960001
2. Potash - https://www.cjwwradio.com/2024/10/28/a-spotlight-on-potash-mining-how-far-its-come-and-where-its-going/
3. Canada lithium - https://www.canadianminingjournal.com/news/american-salars-acquires-lithium-project-in-canadas-quebec/ American Salars
4. Nickel - https://www.barchart.com/story/news/29319774/canada-nickel-provides-update-on-regional-exploration-program Canada Nickel Company
5. Iron-Ore - https://yieh.com/en/NewsItem/150918 or https://www.kallanish.com/en/news/steel/market-reports/article-details/baffinland-cuts-output-in-favour-of-railway-extension-project-1024/ Baffinland
6. Copper - https://www.reuters.com/markets/commodities/abandoned-copper-mines-embraced-fast-track-boost-output-2024-10-30/
7. Agriculture - https://www.benefitsandpensionsmonitor.com/news/industry-news/canada-cements-position-as-top-wheat-exporter-driven-by-rising-prairie-yields/389409 or https://commercial.bmo.com/en/us/resource/agriculture/food-beverage/the-future-of-food-global-food-and-agriculture-trends-and-outlook-bmo-hosts-19th-farm-to-market-chemicals-conference-in-new-york/
8. Hydrogen - https://www.hydrogenexpo.com/media/industry-news-insights/2024/october/28/everwind-fuels-receives-225-million-from-canadian-government-for-clean-ports-and-green-fuels-center/ EverWind
9. Natural Gas - https://www.bnnbloomberg.ca/business/company-news/2024/10/31/canadian-natural-resources-reports-227-billion-third-quarter-profit/ Canadian Natural Resources Limited (CNRL)
10. GDP - https://www.marketwatch.com/story/toronto-stocks-drop-canada-s-gdp-flat-in-august-bausch-health-rises-on-3q-beat-bc24b25d?mod=dj-newswires

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Paul is a former IBM Customer Success Manager who has deployed over 300 data and AI solutions across industries and geographies for the past 8 years. Paul is a Financial Planning, Analysis, and Reporting SME working with data including integration of macro and micro indicators as part of the integrated business planning and reporting cycle.

[email protected]

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