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Canada’s main stock index fell on Tuesday, May 11, due to weakness in energy stocks, while the TSX composite energy index dwindled by 1.19%. Energy stocks witnessed a fall as rising COVID-19 infections in India gave way to concerns regarding global oil demand in the near future.
The TSX composite index traded lower for the second straight day as it slipped 0.45% to settle at 19,274.04 on Tuesday.
1 Year S&P/TSX Composite Daily Price Chart (as on May 12, 2021). Source: EODHD/Others (Thomson Reuters)
The TSX Venture Index fell by 1.05% to 930.45.
Six out of eight constituent sectors of the TSX Composite Index traded in red on Tuesday, with high weightage Base Metals and Energy plummeting 1.53% and 1.19%, respectively.
Movers and Laggards on TSX Composite
Source: EODHD/Others (Thomson Reuters)
Active Volume Leaders
The most heavily traded stocks on the TSX were Enbridge Inc, with 24.53 million, Suncor Energy Inc, with 15.92 million, and Manulife Financial Corporation, with 13.70 million.
Commodity Update
Crude saw a slight bullish momentum, where Brent Oil increased by 0.34% to US$ 68.55/bbl, and WTI Crude Oil closed higher at US$ 65.28/bbl, up by 0.55%.
Gold futures traded flat at US$ 1,836.15/oz.
Currency News
The Canadian dollar traded slightly lower against its US counterpart, with currency pair USD/CAD closing at 1.2099, up 0.02%.
On May 11, 2021, the US Dollar Index closed at 90.21, with no change from the previous day’s closing.
Money Market:
The US 10-year bond yield accelerated for the fourth straight session and closed at 1.622, up 1.12%.
The Canada 10-year bond yield gained for the second day and closed at 1.539, up 1.38%, on May 11.
