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Canada’s main stock index jumped up on Monday, May 3, driven by the strength in commodities. Additionally, the weakened US dollar benefitted the material and energy sectors, which helped the index gain positive momentum.
The S&P/TSX Composite Index settled 0.55% higher at 19,213.16 on Monday.
High weightage TSX Energy Index leapt up 3.15%, while the Metals index soared 2.04% and the Financials index climbed 0.3%.
Meanwhile, five of the eight constituent TSX sectors traded in green. The healthcare sector was the biggest laggard of the day, having slipped 3.8%, followed by the technology sector, which was down 1.2%.
1-Year S&P/TSX Composite Daily Price Chart (as on May 04, 2021). Source: EODHD/Others (Thomson Reuters)
The TSX Venture Index climbed by 0.36% to 958.66.
Movers and Laggards on TSX Composite
Source: EODHD/Others (Thomson Reuters)
Active Volume Leaders
On May 3, the most heavily traded stocks on TSX were Athabasca Oil Corporation, with 14.35 million, Tetra-Bio-Pharma Inc, with 12.81 million, and Gear Energy Ltd, with 7.78 million.
Wall Street
Investors have been mostly positive about the United States' improving economic conditions, but there has been some talk about the impact of cost increases due to higher oil prices and supply chain issues.
As a result, Wall Street broader indices traded in mix on Monday. The Dow increased 0.70% to 34,113.23 and the S&P increased 0.27% to 4,192.66, while the Nasdaq Composite Index fell 0.48% to 13,895.12.
Commodity News
Gold Contract traded in green and climbed by 1.35% to US$ 1,792.25/oz, led by weakness in the US Dollar and decline in the US 10-Year Treasury Bond Yield for the third straight day.
Momentum in the Energy prices extended for the second straight day, with Brent oil trading 1.11% higher at $67.66/bbl and WIT Crude trading 1.40% higher at $64.64/bbl.
Currency News
Canadian Dollar strengthened slightly against the US Dollar, with currency pair USD/CAD trading 0.03% lower at 1.2276 on Monday.
US Dollar index pared some of gains it accumulated in the previous trading session and traded 0.38% lower at 90.927.
Money Market
Yield on the US 10-Year Treasury Bond further declined on Monday after closing flat on Friday, and traded 1.63% lower at 1.599%.
Canadian 10-year Government Bond Yield also moved down on Monday and settled 1.21% lower at 1.549%.
