Breadcrumb Trail Links
News Investor
Markets rise on growing optimism Fed done hiking
Article content
The S&P/TSX composite index continued its climb off of the year-to-date low it hit earlier this month, rising for the fifth consecutive day.
On Oct. 11, the TSX jumped 0.83 per cent to close at 19,663.84, with all the main sectors making gains on the day.
Article content
The utilities sector rose the most, jumping 1.76 per cent, followed by the communication services sector, up 1.40 per cent. The financials and consumer staples sectors each rose 1.21 per cent, while materials rose 0.8 per cent and energy closed 0.31 per cent higher. For the day, there were 158 gainers versus 65 losers.
Advertisement 2
Article content
Markets have found a spring in their step, despite the conflict between the Palestinians and Israel, on growing expectations that the U.S. Federal Reserve could be done hiking rates.
Here are the top three performers on the TSX for Oct. 11:
Spin Master Corp.
One-day change: 5.99 per centYear-to-date change: 7.26 per cent
Investors in Spin Master, pushed the stock higher on news that the toy maker struck a deal to purchase U.S.-based toy company Melissa & Doug LLC for US$950 million in cash.
Toronto-based Spin Master was on track to rise the most in 10 weeks, Bloomberg said, following the announcement of the purchase of the maker of early childhood toys.
October has been busy for Spin Master, best known for Paw Patrol toys, Rubik’s Cube and Gund brands.
Earlier this month, Spin Master announced an agreement for the global toy licence for Dora, the new reboot of the Dora the Explorer franchise coming next year.
Analysts currently have nine buys, and no holds or sells on the stock, and an average 12-month price target of $49.11, according to Bloomberg.
Spin Master closed Oct. 11 at $35.74
Investor
Article content
Advertisement 3
Article content
SilverCrest Metals Inc.
One-day change: 5.65 per centYear-to-date change: -19.26 per cent
Shares of precious metals explorer and producer SilverCrest rose the most in two months after it released operational results for the third quarter for its Las Chispas operation in Mexico.
“Las Chispas continued to perform well. This positions us to deliver on 2023 guidance,” said chief executive officer N. Eric Fier, in a statement.
Analysts currently have five buys, two holds and no sells on the stock, and an average 12-month price target of $9.24, according to Bloomberg.
SilverCrest closed Oct. 11 at $6.54.
One-day change: 5.25 per centYear-to-date change: 15.9 per cent
Vancouver-based Eldorado rose as investors digested a note from brokerage and investment banking firm Stifel Nicolaus Canada Inc. that raised the rating to buy from hold but lowered the price target for the stock to $15.50 from $16.50.
The company, which currently has gold operations in Brazil, China, Turkey, Greece and Canada, recently hosted a site tour of its operations in Greece and Turkey with company calling the Greece operations its “main growth driver.”
Advertisement 4
Article content
While the stock jumped, Stifel said “risks” remain to Eldorado achieving its commercial production expectations for late 2025.
Analysts currently have six buys, four holds and one sell on the stock, and an average 12-month price target of $16.75, according to Bloomberg.
Related Stories
Here are Tuesday’s top 3 performers on the TSX
The week’s top 3 winners and biggest losers on TSX
Here are Thursday’s top 3 performers on the TSX
Eldorado closed Oct. 11 at $13.04
— with files from The Canadian Press and Bloomberg
• Email: gmvsuhanic@postmedia.com
Bookmark our website and support our journalism: Don’t miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters here.
Article content
Share this article in your social network
Comments
Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings.