{"id":9693,"date":"2024-02-02T11:45:11","date_gmt":"2024-02-02T11:45:11","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=9693"},"modified":"2024-02-02T11:45:11","modified_gmt":"2024-02-02T11:45:11","slug":"toronto-market-rebounds-on-improving-factory-data","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/9693\/","title":{"rendered":"Toronto market rebounds on improving factory data"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0Canada’s main stock index rose on Thursday as encouraging U.S. manufacturing data helped revive investor optimism after markets were spooked in the previous session by the Federal Reserve’s interest rate guidance.<\/p>\n

The Toronto Stock Exchange’s S&P\/TSX composite index (.GSPTSE) ended up 97.33 points, or 0.5%, at 21,119.21. On Wednesday, the index posted its biggest decline in two weeks as the Fed dashed hopes of a rate cut as soon as March.<\/p>\n

“Sober second thought” has helped the market rebound, said Brian Madden\u200b\u200b\u200b\u200b, chief investment officer at First Avenue Investment Counsel Inc.<\/p>\n

“Quite often these highly anticipated policy announcements spawn a lot of knee jerk trading,” Madden said.<\/p>\n

Wall Street also rallied as investors looked to a spate of high-profile earnings as well as the U.S. employment report which is due on Friday.<\/p>\n

Stronger than expected U.S. manufacturing data boosted the market, said Madden, adding “fingers crossed we might be about to mark the end of the manufacturing recession in the U.S.”<\/p>\n

U.S. manufacturing stabilized in January amid a rebound in new orders, while Canadian manufacturing data also offered encouragement. It showed a slowdown in the pace of contraction in the sector as inflation pressures eased and firms grew more confident about the outlook.<\/p>\n

Sectors such as industrials and consumer discretionary, which includes large automotive suppliers, could benefit from a manufacturing turnaround. They rose 1.9% and 1.5% respectively.<\/p>\n

Canada Goose Holdings Inc shares climbed 7.9% after the luxury parka maker forecast fourth-quarter revenue above analysts’ estimates.
\nThe materials sector, which includes precious and base metals miners and fertilizer companies, rallied 2.3% as gold prices rose, but energy was a drag.<\/p>\n

It fell 1.3% as the price of oil settled 2.7% lower at $73.82 a barrel after false market speculation that Israel had agreed to a Gaza ceasefire proposal.<\/p>\n

Updated on