The Globe and Mail reports in its Thursday edition that U.S. and Canadian stock indexes ended the second session of the year down again in extended profit-taking on Wednesday after a strong finish to 2023. A Reuters dispatch to The Globe reports that the Toronto Stock Exchange's S&P/TSX Composite Index ended down 53.56 points, or 0.3 per cent, at 20,818.58. It was extending its pullback from a 19-month high, which it notched last Thursday at 21,015.91. Sprung Investment president Michael Sprung says, "People are coming back from an overly enthusiastic fourth quarter and maybe they are re-evaluating their positions and trying to take a look at the world as we see it." Mr. Sprung says the consensus view is for interest-rate cuts and a soft economic landing but that outcome only happens some of the time. On Wednesday Suncor Energy climbed 5.9 per cent after the company said it saw record upstream production in the fourth quarter.
First Quantum Minerals was also a standout. Its shares rose 11 per cent after a report that Barrick Gold was exploring a possible bid for the company. Barrick's shares were down 2.9 per cent. On Wall Street, shares of Nvidia, Apple and Tesla ending down between 0.7 per cent and 4 per cent.
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