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TSX Snaps Losing Streak

Sep 11, 2017 (Baystreet.ca via COMTEX) --

Stocks in Canada's largest centre enjoyed gains, temporarily reversing a string of losses, on the weakening of Hurricane Irma overnight and North Korea refraining from a missile test to mark its 69th anniversary, with financial stocks and Tahoe Resources leading the rally.

The S&P/TSX Composite Index climbed 54.98 points to conclude Monday at 15,040.30.

The Canadian dollar gained 0.21 cents to 82.49 cents U.S.

Health-care stocks led the procession as Canopy Growth jumping 26 cents, or 2.8%, to $9.44, while Valeant Pharmaceuticals leaping 70 cents, or 4.2%, to $17.22.

In the tech sector, BlackBerry picked up 15 cents, or 1.4%, to $11.09, while Constellation Software added $3.02 to $682.20.

Financial stocks also prospered, as Manulife gained 33 cents, to 1.4%, to $23.96, while National Bank of Canada took on 83 cents, or 1.5%, to $57.40.

Gold stocks, however, took a thumping, as Alamos Gold lost $1.70, or 16.6%, to $8.55, while Kinross Gold shed 20 cents, or 3.3%, to $5.66.

In other resource stocks, Agnico Eagle Mines descended $2.18, or 3.5%, to $59.94, while First Mining Finance dropped two cents, or 2.9%, to 66 cents.

But, undoubtedly, the star among individual stocks was Tahoe, who benefited from a Guatemalan court ruling to balloon in price $1.84, or 32.3%, to $7.53.

Irma pounded heavily populated areas of central Florida on Sunday, but gradually lost strength, weakening to a Category 1 hurricane overnight and is expected to weaken to a tropical storm during the day.

The United States and its allies had been bracing for another long-range missile launch for the 69th anniversary of North Korea's founding on Saturday, but its leader Kim Jong Un hosted a massive celebration instead.

Economically speaking, Canada Mortgage and Housing Corp. says the annual pace of housing starts in August increased compared with July. CMHC also says housing starts came in at a seasonally-adjusted annual rate of 223,232 units for August, up from 221,974 in July.

ON BAYSTREET

The TSX Venture Exchange dropped 2.4 points to 769.59

All but three of the 12 TSX subgroups were positive to end the day, as health-care sprang 1.6%, information technology was better by 1.1%, and financials were 0.8% to the good.

The three laggards were gold, stumbling 3.1%, materials, down 1%, and utilities, off 0.6%.

ON WALLSTREET

U.S. stocks rose sharply on Monday as the damage from Hurricane Irma didn't appear to be as bad as feared.

The Dow Jones Industrials raced ahead 259.58 points, or 1.2%, to 22,057.37, with Goldman Sachs, Apple, 3M and insurer Travelers Cos. contributing the most to the gains. The index also posted its best session since March 1, when it rose 303 points.

The S&P 500 hiked 26.68 points, or 1.1%, to 2,488.11, a record. The index also notched its biggest one-day gain since April 24.

The NASDAQ popped 72.07 points, or 1.1%, to 6,432.26, as large-cap technology stocks, including Apple, rose. Apple's stock snapped a four-day losing streak ahead of the company's expected unveiling of its latest iPhone.

The three indexes also turned positive for the month.

AIR Worldwide, a catastrophe modeling firm, said Monday it expects industry insured losses stemming from Hurricane Irma to range between $20 billion and $40 billion.

Shares of Travelers Cos., Progressive and American International Group rose 2.3%, 2.2% and 1.7% respectively.

Shares of re-insurers, who could have been on the hook for extensive Florida damage because smaller insurers in the state are their customers, surged.

Everest Re Group and XL Group saw their shares soar 4.3% and 5%, respectively, and were among the best performers in the S&P 500.

Meanwhile, Delta Air Lines' stock climbed 2.9% while American Airlines rose 5.2%. Carnival, a cruise line company, also saw its shares advance 3.2%.

Prices for the benchmark 10-year Treasury note tumbled, boosting yields to 2.14% from Friday's 2.06%. Treasury prices and yields move in opposite directions.

Oil prices recovered 56 cents to $48.04

Gold prices faded $19.80 to $1,331.40 U.S. an ounce.

********************************************************************** As of Thursday, 09-07-2017 23:59, the latest Comtex SmarTrend® Alert, an automated pattern recognition system, indicated an UPTREND on 06-07-2012 for AIG @ $30.36. As of Thursday

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