TSX ends week in green with gains from energy, loonie up

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TSX ends week in green with gains from energy, loonie up

 TSX ends week in green with gains from energy, loonie up
Image source: Copyright © 2021 Kalkine Media

Canada’s TSX Composite Index was in the green ever so marginally (0.01 per cent) for the fourth straight day Friday, October 8, and closed the week before Thanksgiving at 20,416.31. With the holiday season well and truly on its way and on the back of the news that employment has reached the pre-pandemic level of February 2020, things are looking up.

According to experts, after the ‘September Effect’, the upcoming holiday season generally sees an uptick. On Friday, though IT fell nearly two percent and healthcare 2.6 per cent, there was still no loss to be had for the index on the back of the energy sector’s 1.8 per cent growth and the financial sector’s 0.6 per cent gain. The index was 0.1 points better off.

One-year price chart (as on October 8). Analysis by Kalkine Group

Volume active

Suncor Energy Inc was the most actively traded stock with about 8.5 million shares exchanging hands. It was followed by Cenovus Energy Inc where nearly 8.2 million shares exchanged hands, and Athabasca Oil Corporation with approximately 7.9 million shares exchanging hands.

Movers and laggards

Wall Street update

A much looked forward to September jobs report fell short of high expectations in terms of job creation and this likely had an impact on Wall Street.

The Dow Jones Industrial Average dropped 8.69 points or under 0.1 per cent to 34,746.25 points, and the S&P 500 8.42 points or 0.2 per cent down to 4391.34 points, and the Nasdaq lost 74.48 points or 0.5 per cent to 14579.54 points.

Commodity update

Gold traded at US$ 1,757.40 down 0.1 per cent. Brent oil was up 0.54 per cent to US$ 82.39/bbl, while crude oil gained 1.34 per cent to US$ 79.35/bbl.

Currency news

The Canadian dollar stood better against the U.S. dollar on October 8, while USD/CAD ended in the red at 1.2469, down 0.61 per cent.

The U.S. Dollar Index was worse off against the basket of major currencies on Friday and ended at 94.07, down 0.16 per cent.

Money market

The U.S. 10-year bond yield grew 2.25 per cent on Friday’s trade and ended at 1.612.

The Canada 10-year bond yield rose 3.83 per cent on October 8 and ended at 1.568.

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