Stock market: winners and losers of May 24

(Illustration: Camille Charbonneau)

Toronto — A broad-based rally helped Canada’s main stock index close more than 100 points higher Friday, largely recovering from the previous day’s losses. U.S. stock markets were also up.

Markets rose heading into the U.S. long weekend as consumers’ outlook on inflation improved, said Kathrin Forrest, equity investment specialist at Capital Group.

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“So it was a little sigh of relief after the Fed minutes we saw earlier this week, which had indicated some concerns about potentially more persistent inflation and higher interest rates in the longer term “, she continues.

The better inflation outlook came even as data showed continued strength in the U.S. economy, including durable goods orders and manufacturers’ survey data.

These data contrast with Canadian retail sales which fell by 0.2% in March, weighed down by the drop in sales of retailers of furniture, home accessories, electronics and household appliances, Statistics Canada said on Friday.

The figures highlight a widening gap in what markets expect from central banks, with a 65% chance that the Bank of Canada will cut rates in June, while there is virtually no expectation of a rate cut. the Federal Reserve this summer.

“We see divergences in the expectations of central banks in terms of key rates,” underlines Ms. Forrest.

The rise in commodities helped push the TSX energy index up 0.65% and the base metals index up 1.3%. Most sectors other than telecommunications also increased.

The TSX Utilities Index gained 0.49%, an area that in the United States has seen fairly steady growth, Forrest says.

“If you look year-to-date, the utilities sub-sector of the S&P 500 is leading the broader index, which is something we don’t see very often,” she says.

This is partly because the energy transition to a low-carbon economy will result in increased demand, including in the nuclear sector, says Forrest.

“The broader undercurrent is that electricity demand is expected to increase quite significantly over the coming years,” she mentions.

Here are the winners and losers for May 24, 2024:

The S&P/TSX index of the TSE
Price Change ($CAN) Change (%)
Condor Energies (CDR) 1.89 0.37 24,342
5N Plus (VNP) 5.97 0.53 9,743
Computer Modeling Group (CMG) 12.41 1.10 9,726
Dayforce (DAY) 76.68


iFabric (IFA) 1.22 -0.08 -6,154
Fennec Pharmaceuticals (FRX) 9.16 -0.59 -6.051

Only titles worth more than $1 are considered in the Winner/Loser ranking.

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