Communication and Utility Stocks Edge Higher on TSX

2 min read | September 02, 2020 11:00 PM EDT | By Team Kalkine Media

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Communication and Utility Stocks Edge Higher on TSX

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Canadian benchmark index S&P/TSX Composite extended gains for the second straight day and added approximately 52.98 points or 0.32% to 16,697.97. Communication stocks were leading the market and S&P/TSX Capped Communication Index increased by 3.06%. Utility stocks also edged up on Wednesday with the S&P/TSX Capped Utilities Index rising by 2.09%. However, heavyweight energy sector and technology stocks pared some of the gains. The S&P/TSX Composite Energy Index declined 2.27%.

After two consecutive days of gains, the S&P/TSX Composite Index ended the Wednesday session above its, 5-day, 10-day, 20-day, 30-day, 50-day, 100-day and 200-day Simple Moving Averages (SMAs). And the 14-day and the 9-day Relative Strength Index (RSI) – the leading momentum indicators also hovering in a neutral zone and inclining towards the overbought zone.

Active stocks from the volume standpoint include Suncor Energy Inc., Whitecap Resources Inc., Canadian Natural Resources Limited, and Barrick Gold Corporation, Eastmain Resources Inc. and Manulife Financial Corporation.

5-day S&P/TSX Composite Index Price Chart (as on 2 September, 2020)/Source: EODHD/Others (Thomson Reuters)

52-Week High: Cogeco Communications Inc. (up 15.02%), FirstService Corporation (1.44%), and Enghouse Systems Limited (up 2.34%) are among the stocks tested a new 52W high during the Wednesday trading hours.

52-Week High: Organigram Holdings Inc. (down 4.97%), Just Energy Group Inc (down 6.25%). and BELLUS Health Inc. (down 0.31%) and Bombardier Inc. Class A (down 1.03%)

Top Movers: Cogeco Communications Inc (up 15.02%), Alimentation Couche-Tard Inc (up 7.48%), Canada Goose Holdings Inc (up 6.08%), Colliers International Group Inc (up 5.31%) and Rogers Communications Inc (up 4.69%), respectively.

Laggards on TSX Composite Index: Ballard Power Systems Inc (down 8.31%), Enerplus Corp (down 7.04%), ARC Resources Ltd (down 6.19%), Shopify Inc (down 5.74%) and Vermilion Energy Inc (down 5.52%).

Commodity News*

Gold Futures gave up approximately 1.73% to US$ 1,944.70/oz and Silver plummeted 4.36% to US$ 27.39/oz.

International Oil Benchmark index Brent Oil increased by 2.52% to US$ 44.43/bbl and WTI Crude Oil added 2.92% to US$ 41.51/bbl.

*Details as on 2 September, 2020 (After markets close)

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