TSX stops short of record high as investors await fresh catalyst
5:23 pm Wednesday, November 20th, 2024
By Fergal Smith
(Reuters) -Canada’s main stock index inched higher on Wednesday as gains for energy shares offset investor reluctance to make big bets ahead of the release after the close of an earnings report from U.S. megacap Nvidia.
The S&P/TSX composite index ended up 25.69 points, or 0.1%, at 25,036.46, stopping just short of the record closing high it notched last Thursday at 25,049.67.
“Today isn’t about the geopolitical risk that we started the day yesterday with,” said Philip Petursson, chief investment strategist at IG Wealth Management. “Today seems to be a little bit more hesitation about what’s going to take this rally to that next leg.”
U.S. benchmark the S&P 500 was close to unchanged as Ukraine fired long-range British Storm Shadow missiles into Russian territory and investors awaited Nvidia’s earnings.
Energy added 1% even as oil settled 0.75% lower at $68.87 a barrel. Consumer staples was another bright spot. It rose 0.6%, recouping some of the previous day’s decline.
In contrast, the consumer discretionary group lost 0.9%, with shares of retailer Dollarama falling 3.3% to hit a three-week low.
The Alberta government appointed former Canadian Prime Minister Stephen Harper as chairman of the Alberta Investment Management Corp, after dismissing the entire board earlier this month because of low returns.
(Reporting by Fergal Smith in Toronto and Nikhil Sharma in Bengaluru; Editing by Shreya Biswas and Jonathan Oatis)
