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Buoyed by gains in the energy sector stocks, the benchmark Canadian equity index inched higher for the third consecutive day on Monday. The S&P/TSX Composite Index is hovering in a strong bullish price territory and traded well above all its support levels. The leading momentum indicator moving average convergence/ divergence (MACD) is extending higher and hovering well above its nine-day simple moving average (SMA) signal line. The difference between 12-day and 26-day exponential moving averages (EMAs) is positive, a bullish technical indicator.
At the close, the index was offering a dividend yield of 3.44% and traded at a Price-to-Earnings (P/E) multiple of 19.5x.
5-day Daily Price Chart (as on November 23, 2020). Source: EODHD/Others (Thomson Reuters)
Sectoral Outlook
Source: EODHD/Others (Thomson Reuters)
Stocks in Play*
Top Gainers: Vermilion Energy Inc (up 13.6%), Ballard Power Systems Inc (up 11.7%), and Cenovus Energy Inc (up 11.4%) respectively.
Top Losers: Real Matters Inc (up 8.0%), Silvercorp Metals Inc (up 7.5%), and Teranga Gold Corp (up 6.7) respectively.
Volume Leaders: Suncor Energy Inc., Manulife Financial Corporation and Bombardier Inc
On Wall Street: Price weighted Dow Jones Industrials surged 1.2% to 29,591.27, the market-cap weighted S&P 500 Index traded 0.56% higher at 3,577.59 and the technology dominated Nasdaq Composite Index traded slightly lower by 0.04% to 11,880.63, respectively.
Commodity News*
Gold Futures declined for the second consecutive day by 2.0% to $ 1,833.30/oz.
American Oil Benchmark Crude WTI traded 1.60% higher at $ 43.16/bbl and the International Oil Benchmark Brent Oil traded 1.26% higher at $ 46.45/bbl.
Forex News*
Canadian Dollar edged higher against the US counterpart, with currency pair USD/CAD traded 0.15% lower at 1.3077.
However, the greenback strengthened ground against the basket of majors, up 0.11% to 92.494, respectively.
*All details as on November 23, 2020, after markets close.
