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Canadian equity markets traded in green on Wednesday morning as a nail-biting electoral contest unfolded across the border. No clear picture emerged in the US election results 2020 with Republican Donald Trump and Democrat Joe Biden locked in a tight race. At the time of filing this story, Biden was ahead with 224 wins as compared to Trump’s 213 electoral votes.
Benchmark Canadian index S&P/TSX Composite Index gained over 114 points or 0.71% to 16,053.66. Junior index S&P/TSX Composite Venture Index is up 2.02 points or 0.28% to 699.67.
On the back of US elections, market analysts are expecting high volume trading sessions on Wednesday.
The TSX information technology is up 2.41% while the telecom index is up 0.28%. The laggards included Metals and Mining, which is down by 2.43%, followed by Healthcare that lost 2.02% and energy down 1.31%.
Five-day performance of TSX Composite Index, Source: EODHD/Others, Thomson Reuters
On Wall Street
Global benchmark indices of the US market are trading up in the early trading hours of Wednesday as Americans await with bated breath for the election results. The S&P 500 is up 77.25 points or 2.29% and the Dow Jones Industrial Average is 479 points or 1.74% up to 27,959.26. Tech-heavy Nasdaq Composite is also trading up higher with 373.66 points or 3.35% to 11,534.23.
Stocks in Play*
Gainers: Shopify (up 3.8%), Enbridge Inc (up 0.38%) and Constellation Software Inc (up 1.62%)
Losers: Canopy Growth Corp (down 9.03%), Canada National Railway Company (down 1.28%), and Bank of Montreal (down 0.39%)
Volume Leaders: Bank of Montreal is on the top of the volume actives’ chart, followed by Nevada Copper Corp, and Aurora Cannabis Inc.
Commodity News*
Gold futures extended losses and ended a three-day gaining streak. The gold futures were trading at US$ 1,909.80/oz and traded 0.03% lower at the time of writing this update. Also, the gold futures sustaining its $1,900/oz mark.
International Oil benchmark Brent Oil is trading up for the third straight day and settled 2.85% higher at $40.84/bbl, and the American oil benchmark WTI Crude Oil is continuing its third day gaining streak with 2.76% to $38.70/bbl.
Forex
USD/CAD pair is trading 0.15% higher against the bid of 1.3153. The US Dollar Index is down against the basket of majors by 0.20% at 93.77.
Bond Yield
US 10-Year Bond Yield has tumbled 8.46% during early trading hours at 0.806% against 0.896% on Tuesday.
Canadian 10-Year Government Bond Yield has also down 8.68% to 0.631% vs 0.690% in the early trading session. Canada 10-Year Bond Yield
* Details as on Wednesday morning, November 4, 2020
