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Market Summary Article

S&P/TSX Composite Index

14,795.13 real time data change down
Change: -141.87 (-0.95%)

S&P/TSX Venture Composite Index

572.38 real time data change up
Change: 6.30 (1.11%)
11:07 AM EST, December 21, 2017
Slight Stumble at Outset

Equities in Canada's biggest centre turned lower in early trade on Thursday, weighed by energy stocks as oil prices fell.

The S&P/TSX Composite Index surrendered 16.23 points to begin Thursday at 16,143.44

The Canadian dollar popped 0.51 cents to 78.47 cents U.S.

The Trump administration on Wednesday recommended steep anti-subsidy duties on Bombardier's CSeries jets, setting up the next round of a fierce international trade dispute between the United States and Canada.

Bombardier lost two cents to $3.00 in the first hour.

Desjardins raised the rating on Quebecor to buy from hold. Quebecor gained 45 cents, or 1.9%, to $23.94.

RBC cuts the rating on Western Energy Services to sector perform from outperform. Western Energy acquired two cents, or 1.7%, to $1.17.

On the economic front, Statistics Canada said November's consumer price index rose 2.1% on a year-over-year basis in November, following a 1.4% increase in October. On a seasonally-adjusted monthly basis, inflation was up 0.5% in November.

The agency also said that retail trade rose 1.5% to $49.9 billion in October. Higher sales at new car dealers were the main contributor to the gain.

Excluding sales at motor vehicle and parts dealers, retail sales increased 0.8%.


The TSX Venture Exchange slipped 1.6 points to 804.09

All but two of the 12 TSX subgroups were lower to begin the session, with gold dulling in price 0.8%, utilities clicking lower 0.5%, and real-estate weaker by 0.4%.

The solitary gainers were health-care, moving ahead 0.6%, and financials, richer by 0.6%.


U.S. stocks opened higher on Thursday after some companies said they would spend the savings stemming from lower corporate taxes on higher wages and new construction.

The Dow Jones industrials jumped 87.19 points to 24,813.84

The S&P 500 improved 5.75 points to 2,685, with financials rising 0.5%

The NASDAQ composite index gained 5.28 points to 6,966.24,

Equities have risen sharply this year with investors betting on lower corporate taxes. The S&P 500 is up 19.7% in 2017.

Comcast, as well as Boeing, AT&T and Wells Fargo, announced higher pay and bonuses for workers. They also announced other spending measures.

House members voted on Wednesday to pass a bill that would cut the corporate tax rate to 21% from 35%. The Senate had already passed the measure on Tuesday. President Donald Trump is widely expected to sign the bill, giving him and the Republican party a major legislative victory.

Prices for the benchmark 10-year Treasury note nosed up, lowering yields to 2.49% from Wednesday's 2.50%. Treasury prices and yields move in opposite directions.

Oil prices faded 34 cents a barrel to $57.75 U.S.

Gold prices slid $1.70 to $1,267.90 U.S. an ounce.

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