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North American markets declined on Tuesday in the wake of spiking Coronavirus infection cases that poses a threat on the global economic recovery. After three straight days of winning streak, Canada’s benchmark S&P/TSX Composite skidded ~31 points or 0.19% to 16,211.52. The dividend yield of index stood at 3.60% and traded at a Price-to-Earnings (PE) multiple of 17.7x.
Energy led the sectorial slump on the TSX, plummeting by 4.3%, after crude oil prices dropped over demand uncertainties.
The index closed above its immediate support levels of five-day and 10-day Simple Moving Average (SMAs) and traded above crucial long-term support levels of 100-day and 200-day SMAs. Further, the Moving Average Convergence Divergence (MACD) is falling, with the difference between 12-day and 26-day EMAs negative.
Five-day TSX Price Chart (as on September 29, 2020, after markets close). Source: EODHD/Others (Thomson Reuters)
On Wall Street: Stocks in the United States traded lower after three consecutive days of positive close, with Nasdaq dropping by 0.29% to 11,085.25. The S&P 500 index lost 0.48% to 3,335 and the Dow Jones declined 0.48% to 27,452.66.
TSX Cues
Volume Leaders: Bank of Nova Scotia, Suncor Energy Inc., and Toscana Energy Income Corporation.
52-Week High: mdf Commerce inc, Nuvei Corporation and Jamieson Wellness Inc.
52-Week Low: Just Energy Group Inc., Aurora Cannabis Inc. and Cardiol Therapeutics Inc
Top gainers: MAG Silver Corp (up 8.9%), Kinaxis Inc (up 6.2%) and Shopify Inc (up 6.0%)
Top losers: Crescent Point Energy Corp (down 6.4%), Cenovus Energy Inc (down 5.6%) and Vermilion Energy Inc (down 6.2%).
Commodity Cues*
Gold Futures traded higher by 1.11% to US$ 1,903.20/oz for the second consecutive days.
The Brent oil traded 3.30% lower at US$ 41.03/bbl and WTI Crude Oil tumbled 3.23% to US$ 39.29/bbl.
*Details as markets close on September 29, 2020
