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ON TSX: Benchmark equity S&P/TSX Composite Index traded 34.62 points or 0.21% lower against the previous close to finish the day and the week at 16,544.48. Last week, the index ended higher for three out of four trading sessions and bagged approximately 375.28 points or 2.3%.
Stocks in the energy space led the gainers with Tourmaline Oil adding 65 cents or 4.1%, to reach CAD 16.35 and Whitecap Resources soared 10 cents or 4% to CAD 2.58. Industrials stocks also gained ground with Ritchie Bros. Auctioneers surging by CAD 9.52 or 14.6% to CAD touch 74.62 while Brookfield Business Partners bagged CAD 1.86 or 5% to touch CAD 38.97. Financial stocks also performed well. Home Capital Group added 90 cents or 4% to CAD 23.61 and Great-West Lifeco edged 64 cents or 2.5% to CAD 26.34.
However, healthcare stocks dragged the index lower with Bausch Health Companies losing CAD 2.68 or 10% to CAD 24.15, while Canopy Growth slumped CAD 1.08 or 4.6% to CAD 22.23. Technology stocks also tumbled, pulling the index lower after shares of Kinaxis gave up CAD 14.47 or 6.5% to CAD 209.23 and Constellation Software snapped CAD 75.33, or 4.6%, to CAD 1,556.50.
S&P/TSX Composite Index’s 5-day Price Performance (as on August 07th, 2020).
Source: Refinitiv (Thomson Reuters)
ON TRADE FRONT: US-Canada trade war intensified with both the nations slapping tariffs on each other. It started with US President Donald Trump imposing a 10% tariff on Canadian aluminum products. Ottawa responded with C$ 3.6 billion retaliatory tariffs on US aluminum goods.
ON ECONOMIC FRONT: Statistics Canada reported that economy regained 419,000 jobs in July 2020, rising 2.4% as compared to 953,000-job gains or 5.8% surge previous month. Combined with gains of 290,000 in May, the overall employment to within 1.3 million (or minus 7.0%) of its pre-COVID February level.
ON WALLSTREET: Among the broader equity gauges of the United States, the Dow Jones Industrial Average gained 46.5 points to finish the week at 27,433.48. The S&P 500 index traded slightly higher by 0.06% to 3,351.28, while the NASDAQ Composite Index gave up 97.09 points or 0.87% lower at 3,351.28.
Market Cues:
Top Gainers*: Ritchie Bros. Auctioneers Incorporated (up 9.54 points or 14.65%), CCL Industries Inc. Unlimited (up 3.61 points or 7.97%) and Brookfield Renewable Corporation (up 1.96 points or 5.28%).
Top Losers*: Cominar REIT (down 1.02 points or 12.72%), Bausch Health Companies Inc (down 2.72 points or 10.14%) and Cascades Inc (down 1.3 points or 8.16%), respectively.
Sector Summary
Performers*: Industrials (1.08%), Utilities (1.04%) and Financials (0.93%)
Laggards*: Healthcare (4.33%), Technology (2.51%) and Basic Materials (1.88%)
Volume Leaders: Enbridge Inc (up 0.34%), Trevali Mining Corporation (up 13.64%) and Suncor Energy Inc. (down 1.05%)
Forex*: The Canadian dollar eased 0.36 cents to 74.72 cents U.S.
Oil*: Brent Oil Futures (down 1.53% to US$ 44.40/bbl) and WTI Crude Oil (down 1.74% to US$ 41.22/bbl)
Bond*: U.S 10-Year Treasury yield and Canada 10-Year Government Bond yield traded at 0.538 per cent and 0.479 per cent, respectively.
*As on August 07th, 2020 (after the market close)
