03:16:12 EDT Thu 02 May 2024
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Globe/wire say TSX ends five-day run of declines

2024-04-18 09:12 ET - In the News

The Globe and Mail reports in its Thursday edition that Canada's main stock index ended flat on Wednesday as mining stocks rallied and investors looked ahead to quarterly earnings reports, but gains for the index were held in check after the federal budget proposed raising a tax on investment profits. A Reuters dispatch to The Globe says that the S&P/TSX Composite Index ended at 21,656.05, up 13.18 points, after five straight days of declines. "There is some dip buying going on at the margins," said Elvis Picardo at Luft Financial. "Mining stocks, we've seen the rebound after being sold off [Tuesday]. The big question is whether Q1 earnings will be strong enough to provide the impetus for the markets to grind higher." Copper prices climbed. Technology was another bright spot, as was the heavily weighted financial group. It was helped by a gain of 6.3 per cent for the shares of goeasy Ltd. after CIBC raised its price target on the lender to $200 from $175. Canada's budget on Tuesday proposed raising the share of capital gains that is subject to taxation for wealthy individuals as well as for companies and trusts. The measure would come into effect on June 25. Oil settled 3.3 per cent lower at $82.69 (U.S.) a barrel.

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