Stocks Keep Momentum By Noon

(MENAFN– Stocks Keep Momentum by Noon
Eldorado, K92 in Focus

Canada’s main stock index remained upright by noon on Tuesday as commodity prices rebounded and retail sales data for September came in line with expectations.
The TSX Composite kept the good times rolling, gaining 173.79 points to pause for lunch Tuesday at 20,150.92.
The Canadian dollar poked ahead 0.2 cents to 74.56 cents U.S.
Resource stocks proved the kings of the hill midday, with Eldorado Gold hiking 88 cents, or 9.4%, to $10.20, while Wesdome Gold grabbed 65 cents, or 7.2%, to $9.73.
As well, K92 Mining jetted north 53 cents, or 7.6$, to $7.50, while Capstone Mining rose 26 cents, or 6%, to $4.62.
Consumer discretionary stocks were not faring so well, though, with BRP Inc. sagging $1.45, or 1.6%, to $91.59, while Restaurant Brands dropping 99 cents, or 1.1%, to $91.59.
On the economic calendar, Statistics Canada reports retail trade decreased 0.5% to $61.1 billion in September. Sales declined in seven of the 11 subsectors, led by sales at gasoline stations (-2.4%) and food and beverage stores (-1.3%). in September,
New housing prices declined by 0.2% month over month in October, following the 0.1% decline recorded in the previous month. Prices were up in five of the 27 census metropolitan areas surveyed, down in seven of them, and unchanged in the remaining 15. This was the first consecutive monthly decrease in the index since July 2019.
The TSX Venture Exchange recovered 5.5 points, or 1%, to 576.65.
Eight of the 12 TSX subgroups were positive, led by materials, hiking 2.8%, gold, soaring 2.4%, and energy, pumped up 2.1%.
The three laggards were consumer discretionary, sliding 0.4%, communications, off 0.3%, and information technology down 0.1%. Health-care stocks were unchanged by noon hour.
Stocks rose Tuesday morning as Wall Street looked past more China COVID lockdowns and instead focused on a host of strong earnings reports during a short week of trading for the Thanksgiving holiday.
The Dow Jones Industrials leaped by noon hour 282.62 points to 33,982.90
The S&P 500 restocked 30.53 points to 3,980.47,
The NASDAQ ticked higher 55.47 points to 11,079.98. Mixed earnings results led to a few big stock moves – Best Buy popped 11% after the electronics retailer hiked its 2023 fiscal outlook and beat earnings expectations, while Zoom fell 6.7% amid disappointing earnings and Dollar Tree slipped about 9% after a lower-than-expected outlook.
China saw its first deaths in the mainland from COVID since May over the weekend. It prompted fears among investors that the country could bring back restrictions meant to slow virus spread, which would hurt business.
Economic reports due out include the Philadelphia Fed’s nonmanufacturing business outlook survey and the Richmond Fed’s manufacturing index.
Investors are also watching for earnings reports from HP Inc and Nordstrom after the bell. The stock market will be closed on Thursday for the Thanksgiving holiday and will close early on Friday.
Prices for the 10-year Treasury climbed, lowering yields to 3.77% from Monday’s 3.83%. Treasury prices and yields move in opposite directions.
Oil prices stayed higher $1.83 to $81.87 U.S. a barrel.
Gold prices brightened $2.20 to $1,741.80 U.S. an ounce.


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