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The broader Canadian indices moved in green territory, with S&P/TSX Composite Index adding 255 points or 1.41% to 18,380.96. The rally was supported by strength in high-weightage Energy and Metals and Mining sectors, which gained 3.4% and 3.4%, respectively.
5-day TSX Composite Price Chart (as on March 05, 2021). Source: EODHD/Others (Thomson Reuters)
Six out of eight constituent sectors on the TSX traded in green. Healthcare and Utilities were only laggards on Friday.
Financial stocks were in focus with Bank of Nova Scotia, Bank of Montreal, Canadian Imperial Bank of Commerce and Manulife Financial Corporation registering new 52-Week highs on Friday.
Oil explorer stocks are also in a strong bull run led by sharp recovery in oil prices in the international markets. As oil prices are up approximately 17% year-over-year, surpassing their pre-Covid levels. Imperial Oil Limited, Cenovus Energy Inc. and Enerplus Corporation were among the oil & gas stocks that registered new 52-Week highs on Friday.
Movers and Losers
Source: Kalkine Group, EODHD/Others (Thomson Reuters)
Most Active: Bombardier Inc. was the most actively traded stock on TSX with 27.72 million shares exchanging hands and settling 7.7% higher on Friday. Suncor Energy Inc. was the second active stock from the volume standpoint, around 17.13 million shares traded. Its shares closed 3.46% higher. Around 13.32 shares of Baytex Energy exchange hands and the stock moved ~11.1% on Friday.
On Wall Street: All thee benchmark equity indices of the United States moved higher on Friday, with Dow Jones surged 572 points or 1.85% to 31,496.30, the S&P 500 added 1.95% to 3,841.94 and the Nasdaq Composite index surged 1.55% to 12,920.15, respectively.
Money Market Update
Yields on the US 10-Year Treasure Bond extended gains and traded 1.23% higher at 1.577%.
Canadian 10-Year Bond Yield traded slightly lower on Friday, down 0.40% to 1.503%, respectively.
Forex Update
Dollar Index extended gains from the third straight day against the basket of majors, up 0.38% to 91.990.
Canadian Dollar strengthened slightly against the greenback, CAD/USD up 0.09% to 0.7916, respectively.
