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Jan. 16, 2020, 10:29 a.m. EST

Record High Open for TSX

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Jan 16, 2020 (Baystreet.ca via COMTEX) -- Equities in Toronto opened at a record high on Thursday, as the signing of an initial U.S.-China trade deal offered some relief to investors, while shares of Bombardier tumbled to a near four-year low on a profit warning.

The TSX Composite Index gained 31.61 points to open Thursday at 17,415.17.

The Canadian dollar dropped 0.03 cents to 76.66 cents U.S.

Bombardier said on Thursday it expects full-year results to be lower than previously forecast, hurt partly by challenging rail projects.

Bombardier shares tumbled 60 cents, or 33.5%, to open Thursday at $1.19.

Magna International on Thursday said it expects lower vehicle sales in 2020, hurt by a stronger dollar, the sale of its fluid pressure and controls business and lower light-vehicle output in Europe. Magna shares gained 90 cents, or 1.3%, to $70.32.

Barrick Gold said on Thursday it expects fourth-quarter gold production to be higher than the third quarter, benefiting from strong output from its Turquoise Ridge gold mine in Nevada. Barrick shares lost three cents to $23.35.

RBC assumes coverage on Computer Modelling Group with a sector perform rating and target price of $8.50. Computer Modelling added 12 cents, or 1.5%, to $8.29.

RBC assumes coverage on Evertz Technologies with sector perform rating and target price of $19. Evertz shares lost eight cents to $17.92.

Citigroup raised the target price on Imperial Oil to $31.00 from $30.00. Imperial shares gained 38 cents, or 1.1%, to $35.45.

On the economic slate, the Canadian Real Estate Association said MLS sales edged down by 0.9% in December.

This ended a streak of monthly gains that began last March. Activity is currently about 18% above the six-year low reached in February 2019 but ends the year about 7% below the heights recorded in 2016 and 2017

ON BAYSTREET

The TSX Venture Exchange tacked 2.77 points to 579.78

All but two of the 12 TSX subgroups started the day in the green, with health-care popping 2.8%, energy clicking 0.9%, and consumer discretionary progressing 0.7%.

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