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Main Canadian index, the S&P/TSX Composite Index, extended gains for the second consecutive day and bagged approximately 242 points or 1.54% to 15,939.15 on Tuesday. The index traded above its long-term support level of 200-day simple moving average (SMA) and above its immediate support levels of 5-day, 10-day, 20-day SMAs. It traded below its crucial support level of 50-day SMA of 16,266.23, which would act as key resistance for the index.
At the closing, S&P/TSX Composite was featuring a dividend yield of 3.72% and traded at a Price-to-Earnings (PE) multiple of 18.82x.
5-day Price Chart (as on November 03rd, 2020, after the market close); Source: EODHD/Others (Thomson Reuters)
Sector Summary*
Movers: Academic & Educational Services (up 3.66%), Financials (up 2.38%), and Consumer Cyclicals (up 2.15%)
Laggards: Healthcare was the only constituent sector of the S&P/TSX Composite traded in the red and down approximately 3.05%.
Sector Summary, Source: EODHD/Others (Thomson Reuters)
Stocks in Play*
Out of 223 constituent stocks of the S&P/TSX Composite Index 182 issues settled in green, 37 issued traded in red and 4 traded flat.
Gainers: Hudbay Minerals Inc (up 7.92%), Torex Gold Resources Inc (up 7.71%), and Cargojet Inc (up 7.36%)
Losers: Aurinia Pharmaceuticals Inc (down 10.44%), Nutrien Ltd (down 8.11%), and Bausch Health Companies Inc (down 6.50%)
TSX Constituent Companies Performance on Tuesday (November 03, 2020). Source: EODHD/Others (Thomson Reuters)
Volume Leaders: Enbridge Inc., Nevada Copper Corp, and Bank of Nova Scotia
On Wall Street: Global benchmark indices of the US market traded sharply higher on Tuesday as Americans went to polls. Investors bet on quick declaration of results that could lead to a swift deal on fiscal stimulus. The S&P 500 bagged 58.92 points or 1.78% to close at 3,369.16, the Dow Jones Industrial Average rose 554.98 points or 2.06% to 27,480.03, and the Nasdaq Composite added 202.96 points or 1.85% to 11,160.57.
Chinese Internet Giant Alibaba shares tanked after US$ 37-billion ANT IPO was halted by the Chinese regulator. The group is the China’s largest financial technology company.
Commodity News*
Gold futures extended gains for the third consecutive day and traded 0.95% higher at US$ 1,910.40/oz. Also, the gold futures regained it $1,900/oz level.
International Oil benchmark Brent Oil traded up for the second straight day and settled 1.90% higher at $39.71/bbl, and the American oil benchmark WTI Crude Oil surged 2.31% to $37.66/bbl.
Forex
USD/CAD pair traded 0.64% lower against the last closing at 1.3130. The US Dollar Index declined against the basket of majors to 93.56, down 0.62%.
Bond Yield
U.S 10-Year Bond Yield surged 5.18% during Tuesday trading hours and settled at 0.896% vs 0.852% on Monday.
Canadian 10-Year Government Bond Yield leapt up 7.98% to 0.691% vs 0.639% in the previous trading session.
* Details as on November 03rd, 2020, after markets close
