TSX begins Sept on positive note as industrials sector hits record high

Canada's main stock index began the new month with record numbers as the industrials sector hit an all-time high on Wednesday, September 1.

Stocks of the country’s two largest railway giants, Canadian Pacific Railways and Canadian National Railway, saw notable movement on Wednesday amid the latest developments in their ongoing battle over US-based Kansas City Southern Railway Company.This lifted the industrials sector up by 2.23%.

Meanwhile, the technology sector climbed 1.33% and increasing crude oil prices drove up the energy sector by 0.18%.

Falling gold and copper prices pulled the base metals sector down by 0.32%.

At close, the S&P/TSX composite index hovered in the green territory after gaining 106.64 points or 0.51% to settle at 20,689.58.

 1-Year Price Chart. Analysis by Kalkine Group

Gainers and Losers  

Actively Traded Stocks

Bombardier Inc., Suncor Energy Inc. and Great-West Lifeco Inc. were the most actively traded stocks on the TSX on Wednesday, with a trading volume of 12.85 million, 12.61 million and 9.76 million, respectively.

Wall Street Update

US stocks mostly rallied on Wednesday before losing momentum in the closing minutes.

Despite the late-day drop, the Nasdaq closed at a new all-time high of 15,309.38, up 50.15 points or 0.3%, while the Dow fell 48.20 points or 0.1% to 35,312.53. The S&P 500 gained 1.41 points or less than a tenth of a percent to 4,524.09.

Commodity Update

Gold continued to be range-bound as focus stayed on US labor data, trading at US$ 1,816.00/oz after dipping by 0.12%.

Brent oil was down 1.92% at US$ 71.59/bbl, while Crude oil traded flat at US$ 68.59/bbl, up by around 0.13%.

Forex Update

The Canadian Dollar lost some ground against the US Dollar on Wednesday, while USD/CAD closed at 1.2616, up 0.02%.

The US Dollar stood weak against the basket of major currencies and ended in red at 92.51, down 0.16%.

Money Market

The US 10-year bond yield was down by 0.64% on Wednesday, closing in red at 1.299.

The Canada 10-year bond yield tanked 3.03% to close at 1.183.

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