S&P/TSX Composite Index Extends Loss for Third Consecutive Day

2 min read | September 08, 2020 11:11 PM EDT | By Team Kalkine Media

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S&P/TSX Composite Index Extends Loss for Third Consecutive Day

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Canada’s benchmark equity index extended losses for the third straight day on Tuesday and declined 118.49 points or 0.73% to 16,099.52. Heavyweight energy stocks dragged the S&P/TSX Composite Index lower followed by information technology stocks, base metal and healthcare. The S&P/ TSX Energy Index declined by 7.6% to 71.71 while the S&P/TSX Base Metals Index slumped 1.67% to 103.09, respectively.

Top active stocks on the Toronto Stock Exchange were Suncor Energy Inc, Canadian Natural Resources Limited, Manulife Financial Corporation, Enbridge Inc and BCE Inc. Investors bought traditional safe asset gold and bonds, driving yields lower. That, in turn, helped support rate-sensitive dividend stocks, whose yields can look more attractive as bond pay-outs fall.

5-day Daily Price Chart (as on September 08, 2020). Source: EODHD/Others (Thomson Reuters)

The TSX Composite Index traded below its crucial short-term support levels of 50-day, 30-day and 20-day SMAs. However, it managed to trade above its long-term support levels of 200-day and 100-day SMAs.

Top Movers*: Clean TeQ Holdings Limited (up 40.43%), Candente Copper Corp. (up 22.22%), Helius Medical Technologies Inc. (up 20%), Fortune Minerals Limited (up 20%), and Century Global Commodities Corporation (up 19.35%), respectively.

Bottom Movers*: Toscana Energy Income Corporation (down 50%), Prairie Provident Resources Inc. (down 25%), Commerce Split Corp. (down 14.29%), Petrus Resources Ltd. (down 14.29%), Polymet Mining Corp (down 12.84%), respectively.

On Wall Street*: Stocks on the Wall Steer closed lower for a third straight session on Tuesday as heavyweight technology names extended their sell-off to send the Nasdaq into correction territory. Tesla suffered its biggest daily percentage drop after the stock was passed over for inclusion in the S&P 500. The Nasdaq Composite Index tumbled 4.11% lower to 10,847.69, the S&P 500 Index gave 2.78% to 3,331.84 and the price dominated Dow Jones slumped 2.25% lower to 27,500, respectively.

The International Oil benchmark Brent Crude Oil plummeted 5.31% to US$ 39.78/bbl and the WTI Crude Oil plunged 6.22% to US$ 36.76/bbl.

*As on September 8, 2020 (After markets close)

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