TSX moves slightly higher in shortened Christmas Eve session

TORONTO -- Yuletide cheer swept across the Toronto Stock Exchange on Thursday with most sectors higher in a shortened pre-Christmas trading session.

See Full Article

Toronto's S&P/TSX composite index edged up 24.89 points to 13,309.80 as markets closed at 1 p.m. ET ahead of the holidays.

The climb extended the gain made Wednesday when the TSX jumped 202.05 points, but the main index still remains well below levels of some 14,600 where it started the year.

Christmas Eve is one of the slowest trading days of the year, with just over 154 million shares changing hands during the session.

The loonie was up 0.06 of a cent at 72.23 cents US. It remains near 11-year lows.

Trading south of the border was also subdued though it generally trended towards a more negative position.

On Wall Street, the Dow Jones closed down 50.44 points at 17,552.17, while the broader S&P 500 index declined 3.30 points to 2,060.99. The Nasdaq rose 2.56 points to 5,048.49.

Most traders have already started their vacations, said Macan Nia, director of the capital markets and strategy team at Manulife Asset Management.

"There really shouldn't be too much action whether it's today or going into the end of the year," he said.

"You're basically monitoring to make sure there's no tail end risk events that could have an impact on your portfolio."

North American stock markets will be closed on Christmas Day with Wall Street resuming trading on Monday.

Canadian stock markets will remain closed for Boxing Day on Monday.

In commodities, the February gold contract rose $7.60 to US$1,075.90 an ounce, helping drive the TSX gold sector ahead 2.2 per cent.

March copper lost half a cent to US$2.12 a pound.

Oil prices extended their climb after an unexpected rise in supply inventories on Wednesday. The U.S. Energy Information Administration reported that weekly crude inventories dropped by 5.9 million barrels last week, against expectations they would rise.

The data helped the February contract for benchmark North American crude rise 60 cents to US$38.10 a barrel, while the January contract for natural gas added 4.6 cents to US$2.03 per mmBtu.

In corporate news, shares of Amaya Inc. (TSX:AYA) hit a fresh 52-week low of $16.51 in morning trading following a US$870-million verdict against the company by a Kentucky court over losses state residents faced on its PokerStars online gambling website.

The Montreal-based company said it will appeal the judgment, which it described as based on an arcane law dating back more than 200 years and completely disproportionate to the alleged offence. Its shares closed down 5.3 per cent or 98 cents at $17.50 on the TSX.

Open Text Corp. (TSX:OTC) has appointed former Oracle Corp. senior executive Stephen Murphy to be its president, starting Jan. 4. Shares of Open Text rose five cents to $67.61.



Advertisements

Latest Economic News

  • TransCanada: Over 24K gallons of oil recovered from spill

    Economic CTV News
    AMHERST, S.D. -- TransCanada Corp. says it has recovered more than 24,000 gallons of oil from the site of a pipeline leak discovered last week in South Dakota. The company said 24,450 gallons of oil had been recovered as of Wednesday. Source
  • Aurora Cannabis buying greenhouse designer Larssen to push pot partnership plans

    Economic CBC News
    Aurora Cannabis Inc. says it intends to use its ownership of greenhouse design firm Larssen Ltd. to pressure other cannabis producers to enter partnerships that will further its aggressive growth plans. In a news release, the Alberta-based cannabis producer said Larssen is involved with more than 15 cannabis industry clients globally, including five Canadian licensed producers, but the Canadian deals will be reassessed once the buyout announced Thursday is completed. Source
  • Canadian house prices 50% overvalued compared to rents: OECD

    Economic CBC News
    Canada leads the world in terms of household debt levels, and it's a major risk to the country's economy, the OECD says in a new report. In a chapter of a report set to come out next month that has been released in advance, the Organization for Economic Co-operation and Development says that while virtually all countries saw their debt loads increase in the years leading up to the credit crisis of 2007, most have seen their indebtedness decrease over time. Source
  • Uber hack latest example of why vigilance required to keep your wallet safe

    Economic CBC News
    When Doug Hoyes had his credit card information stolen, fraudsters used it to pay for three taxi rides in Toronto. He wasn't in that city, but discovered the charges while routinely checking his card transactions online and notified his bank, which cancelled the card. Source
  • Security alert: How vigilance can keep contents of your wallet safe

    Economic CTV News
    OTTAWA -- When Doug Hoyes had his credit card information stolen, fraudsters used it to pay for three taxi rides in Toronto. He wasn't in that city, but discovered the charges while routinely checking his card transactions online and notified his bank, which cancelled the card. Source
  • Canadian drug-maker accused of abusing market dominance

    Economic CTV News
    OAKVILLE, Ont. -- Britain's competition regulator is accusing Canadian specialty drug company Concordia International Corp. of overcharging for a thyroid drug after raising the price by nearly 6,000 per cent between 2007 and 2017. In a statement of objections, the Competition and Markets Authority is alleging Concordia abused its market dominance in the supply of liothyronine tablets. Source
  • Regulator investigating Sears Canada liquidation sale prices: monitor

    Economic CTV News
    TORONTO -- The Competition Bureau is investigating allegations that prices on some merchandise were marked up ahead of the liquidation sales at Sears Canada that began last month, the court-appointed monitor overseeing the retailer says. Source
  • Retail sales inched up in September, but only because of higher gas prices

    Economic CBC News
    Retail sales inched up 0.1 per cent to $49.1 billion in September largely because of higher prices at gas stations. Statistics Canada reported Thursday that retail sales were up in five of 11 sectors of the economy that the agency tracks. Source
  • Aurora Cannabis to buy greenhouse design firm Larssen, terms not disclosed

    Economic CTV News
    VANCOUVER -- Aurora Cannabis Inc. has signed a deal to acquire greenhouse design firm Larssen Ltd. Financial terms of the deal were not disclosed, but Aurora says it includes performance-based milestone payments. Aurora (TSX:ACB) chose Larssen to design, engineer and oversee construction of its Aurora Sky facility. Source
  • 'Nobody ever showed up': $35K spent on renovations that never began

    Economic CTV News
    An Ontario couple is trying to get their money back after they paid $35,000 in upfront costs for a home renovation that never even started because the owner of the business hired to complete the work sold it to another buyer. Source