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The main Canadian stock index rose on Wednesday, August 25, amid recovery in energy stocks, although the oil prices were stabilized. The upbeat earnings reports from major banks in the country also saw the financial sector jump by 0.53%.
Furthermore, as the Bank of Canada forecast recovery in the economy, optimism grew among investors. As a result, other major sectors such as industrials, technology and base metals recorded gains as well. The healthcare sector, however, saw a decline of 0.74%.
Overall, the S&P/TSX composite index gained 39.56 points or 0.19% to settle at 20,587.32 on Wednesday.
1-Year Price Chart. Analysis by Kalkine Group
Gainers and Losers
Actively Traded Stocks
Suncor Energy Inc., Great-West Lifeco Inc., and Enbridge Inc. were the most actively traded stocks on TSX on Wednesday, with trading volumes of 19.41 million, 8.70 million and 7.88 million respectively.
Wall Street Update
US equities finished higher on Wednesday, extending their current upswing on continued growth optimism and hopes that the Federal Reserve will not begin reducing its bond-buying programme anytime soon. The S&P 500 and the Nasdaq soared to fresh record highs and the Dow closed up as well.
The Dow gained 39.24 points or 0.11% at 35,405.40 and S&P 500 rose by 9.96 points or 0.22% to 4,496.19 while the Nasdaq increased by 22.06 points or 0.15% to 15,041.86.
Commodity Update
Gold saw some softness in its prices and traded at US$ 1,791.00, down by 0.97%.
Oil continued its bullish move as Brent oil traded higher at US$ 72.25/bbl up 1.69%, while Crude oil also traded positive by 1.21% at US$ 68.36/bbl.
Forex and Money Market
US Dollar extended losses for the fourth straight session, down 0.07% to 92.832, against the basket of majors.
US Treasury 10-Year Bond Yield surged 4.02% to 1.349%. Yield surged approximately 7.5% in the past two trading sessions.
