Nov 05, 2024 (Baystreet.ca via COMTEX) --
Any nerves over what transpires Tuesday at presidential polls in the States did not manifest themselves into uncertainty over market direction, as indices moved toward the sky.
The TSX gained 131,84 points to close Tuesday at 24,387.90.
The Canadian dollar edged forward 0323 cents to 72.27 cents U.S.
Voters rushed to the polls to choose between Republican Donald Trump and Democrat Kamala Harris in a tightly contested election that could have a potential impact on the global economy.
While it could take days to declare the final winner, key focus will be on the battleground states of Georgia, North Carolina, Pennsylvania, Michigan, Arizona, Wisconsin and Nevada.
With the United States being Canada's biggest trading partner, the election outcome could have significant impact on the Canadian economy and will be closely watched by domestic investors.
In corporate news, Sun Life reported a better-than-expected third-quarter profit as Canada's second-largest life insurer benefited from robust growth in its domestic and U.S. businesses. Sun Life shares garnered $2.46, or 3.2%, to $79.91.
The technology sector advanced buoyed by Coveo Solutions, which gained $1.11 or 18.7%, to $7.06, after it reported second-quarter results and annual forecast.
In contrast, real estate shares, dragged by Colliers International after it missed third-quarter profit estimates. Colliers lost 8% or 3.7%, to $205.72.
The consumer discretionary sector was lower as Restaurant Brands shares fell $2.59, or 2.7%, to $94.80, after the Burger King-parent missed estimates for third-quarter results.
Pet Valu dropped 55 cents, or 2.2%, to $24.92.
In real-estate, Canadian Apartment REIT units fell 34 cents to $45.96.
Gold also paled, as OceanaGold dipped seven cents, or 1.8%, to $3.83, while Aya Gold slipped 39 cents, or 2.2%, to $17.24.
On the economic scene, Statistics Canada reported this country's merchandise exports decreased 0.1%, while imports fell 0.4%.
Consequently, Canada's merchandise trade deficit with the world narrowed from $1.5 billion in August to $1.3 billion in September.
Also, minutes of the Bank of Canada's October policy meeting, which resulted in a 50-basis-point interest-rate cut, would give more insights into the country's policy easing cycle.
ON BAYSTREET
The TSX Venture Exchange inched up 0.45 points to 603.72.
Eight of the 12 TSX subgroups were positive on the session, with utilities moving higher by 1.6%, health-care haler by 1.2%, and consumer staples stronger by 1.1%.
The four laggards were weighed most by consumer discretionary stocks, sinking 0.7%, while gold and communications, were each off 0.2%.
ON WALLSTREET
The S&P 500 rose solidly on Tuesday in a broad rally for stocks as traders awaited the results from a high-stakes U.S. presidential election.
The Dow Jones Industrials popped 427.28 points, or 1%, to 42,221.88.
The much broader index surged 70.07 points, or 1.2%, to 5,782.76.
The S&P 500 is already up more than 19% year to date, an unusually strong run up ahead of an election, and is within 3% of its record
high.
The NASDAQ gathered 259.19 points, or 1.4%, to 18,439.17.
The race between former President Donald Trump and Vice President Kamala Harris is expected to be tight. Close attention also remains on which party dominates Congress, given that a sweep by Republicans or Democrats could contribute to drastic spending changes or a big revamp of tax policy
The results could have a significant effect on where stocks end the year, but investors may want to brace for some near-term choppiness. Data suggests the major averages gain between Election Day and the end of the year, but typically fall in the session and week after.
Uncertainty over the results could lead to even more shakiness in the market.
No clear election bets were emerging yet in stocks on Tuesday morning. Banks, which would stand to benefit from deregulation under GOP control, were higher but dramatically outperforming the broader market.
Shares of Nvidia rose nearly 3%, but the chipmaker and bull market stalwart would appear to be insulated regardless of the election's outcome. Tesla rose 3.5%, though the electric car stock could be seen as benefiting from a Democratic victory or a Republican one, given CEO Elon Musk's close ties to Trump.
Prices for the 10-year Treasury resumed their climb, weighing yields to 4.29% from Monday's 4.32%. Treasury prices and yields move in opposite directions.
Oil prices took on 65 cents to $72.12 U.S. a barrel.
Prices for gold recovered $6.10 an ounce to $2.752.30 U.S.
COMTEX_459499550/2559/2024-11-05T16:42:11
