Canada’s main stock index lost ground on Thursday after a string of muted performances to kick off Q2 2024. Fresh data reported that Canada’s merchandise trade surplus with the world widened from C$608 million in January to C$1.4 billion in February. Exports increased 5.8 per cent, while imports rose 4.6 per cent. Copper prices continued to climb. Dollarama’s upbeat sales forecast pushed the consumer stock nearly 9 per cent higher. The turntables turned again for the TSX, as the day started with the energy sector the lone decliner in a broad gain, which turned to a broad decline by close, leaving energy the only sector to increase, along with telecom shares.
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U.S. markets also sunk as the Dow Jones Industrial Average stretched this week’s losing streak to four days. Thursday’s U-turn came after a Federal Reserve official said the central bank may not deliver any interest rate cuts this year.
The Canadian dollar traded for 73.78 cents compared with 73.89 cents U.S. on Wednesday.
U.S. crude futures traded $1.14 higher at $86.57 a barrel, and the Brent contract added $1.48 to $90.73 a barrel.
The price of gold was down US$12.17 to US$2,285.44.
In world markets, the Nikkei was up 321.29 points to 39,773.14, the Hang Seng remained at 16,725.10, the FTSE was up 38.45 points to 7,975.89, and the DAX was up 35.41 points to 18,403.13.
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