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Weakness in heavy-weighted technology and industrials sector dragged the S&P/TSX Composite Index lower on Wednesday. The index declined ~118 points or 0.63% to 18,374.78, doffing most of the gains it accumulated over the past two trading session. Index is off approximately 1.1% from its 52-week high. However, the bias is still in the favor of bulls.
The TSX sectoral indexes for tech and Industrials declined by ~1.45% and ~0.72%, respectively. However, financial sector, which has the highest weightage on the TSX Composite, offset some of the losses during the day. The TSX financial index increased ~0.30%, followed by Metals and Mining sector that went up 0.46%.
The S&P/TSX Composite has immediate support at 17,970 and next strong support at 17,274, on the daily price chart.
S&P/TSX Composite’s dividend yield at the end of the trading session was 3.3%.
5-day TSX Composite Price Chart (as on February 17th, 2021). Source: EODHD/Others (Thomson Reuters)
Top Gainers: Ivanhoe Mines Ltd (up 5.3%), Boardwalk Real Estate Investment Trust (up 3.8%), and Ero Copper Corp (up 2.9%).
Top Laggards: BlackBerry Ltd (down 7.2%), Aurora Cannabis Inc (down 7.1%), and SSR Mining Inc (down 7%).
Most Active Stocks: Supreme Cannabis Company Inc., Manulife Financial Corporation and Zenabis Global Inc..
On Wall Street: All three benchmark indices of the United States traded in mix.
The Dow Jones Industrials Average added 0.29% to 31,613.02, the S&P 500 Index declined slightly by 0.03% to 3,931.33 and the Nasdaq Composite Index lowered by 0.54% to 13,699.71.
Commodity News*
Crude WTI tested a level last seen on January 01, 2020 and ended 1.82% higher at US$61.14/bbl. The Brent Oil surged 1.56% to US$64.34/bbl, a level last witnessed on Jan 10, 2020. Energy prices have achieved pre-pandemic levels led by improved demand and production cuts exercised by the OPEC+ cartel.
Gold shine is fading with gradually recovery in the global economic conditions and lowering uncertainties related to COVID-19. Yellow metal’s April Future Contract settled in red for the sixth consecutive days. On Wednesday, the Gold Futures declined 1.46% to $1,772.80/oz.
Bond Market*
Canadian 10-Year Government Bond Yield declined 1.46% to 1.10% on Wednesday after a surge of 8.90% in the previous trading session.
Yield on the US 10-Year Treasury Bond declined 2.18% to 1.282% respectively.
Forex*
Canadian Dollar softened against its US Counterpart, with currency pair CAD/USD traded 0.11% lower at 0.7870.
US Dollar index gained ground against the basket of majors and traded 0.49% higher on Wednesday at 90.949 vs 90.503 on Tuesday.
*Details after markets close on Feb 17, 2021
