Market Extended Loss on Friday

2 min read | September 04, 2020 11:00 PM EDT | By Team Kalkine Media

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S&P/TSX Composite Index, leading Canadian benchmark index extended its loss on Friday and declined 1.4% or 230.88 points. The index closed the day at 16,218.01 on September 4, 2020. Investors continued to dump the tech stocks on Friday followed by Consumer Non-Cyclicals, Energy and Consumer Cyclicals.

Most Active Stocks (Volume): Suncor Energy Inc., Canadian Natural Resources Ltd, Manulife Financial Corporation, Enbridge Inc, and Air Canada.

Sector Summary: Technology (down 3.86%), Consumer Non-Cyclicals (down 1.74%), Energy (down 1.57%), Consumer Cyclicals (down 1.57%), Telecommunications (down 1.30%), and Basic Materials (down 1.25%)

Source: EODHD/Others (Thomson Reuters)

Moving Averages (SMAs): At the closing of Friday, S&P/TSX Composite Index traded below the short term support level of 5-day, 10-day, 20-day simple moving averages (SMAs), However, despite two days consecutive fall, it closed above the crucial long-term and short-term support levels of 200-day, 100-day and 50-day SMAs. The 14-day Relative Strength Index (RSI) fallen for the third straight day and tilted more towards the oversold zone.

Top Movers on TSX Composite Index: Laurentian Bank of Canada (up 6.09%), Air Canada (up 3.79%), Hudbay Minerals Inc (up 3.33%), Teck Resources Ltd (up 2.95%), Lundin Mining Corp (up 2.75%) and Prairiesky Royalty Ltd (up 2.31%).

Bottom Movers on TSX Composite Index: Kinaxis Inc (down 6.58%), Equinox Gold Corp (down 6.18%), Aurora Cannabis Inc (down 6.00%), OceanaGold Corp (down 5.94%), and Shopify Inc (down 4.52%).

5-day Price Performance (as on September 04, 2020). Source: EODHD/Others (Thomson Reuters)

On Wall Street: Tech heavy Nasdaq Composite Index extended losses for the second straight day and settled 1.27% or 144.97 down at 11,313.31. S&P 500 Index declined 28.1 points or 0.81% to 3,426.96; while Dow Jones Industrial Average declined 159.42 points or 0.56% to 28,133.31.

Commodity Cues*

Oil: Brent down 3.2% to US$ 42.66/bbl and WTI Crude Oil down 3.87% to US$ 39.77.

Gold: Gold Futures declined 0.18% to US$ 1,934.30/oz.

*As on September 4, 2020 (after the market close)

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