AUS
NZ
UK
CA
USA
IND
The leading equity gauge of the Toronto Stock Exchange, S&P/TSX Composite Index, recorded three consecutive days of gains and settled ~211 points or 1.30% higher at 16,410.19.
The index traded above its crucial short-term support level of 50-day Simple Moving Average (SMA), supported by three straight days of higher close. After crossing over 50-day SMA resistance, the index is once again hovering in the bullish zone. It is trading above its short-term as well as long-term support levels of 50-day and 200-day SMAs.
TSX Composite Technical Chart. Source: EODHD/Others (Thomson Reuters)
The 14-day Relative Strength Index is hovering in a neutral zone and rising towards the overbought threshold. The Moving Average Convergence Divergence (MACD) is also up, reflecting a positive difference between 12-day and 26-day exponential moving averages – another optimistic indicator.
At the close, TSX Composite offered a dividend yield of 3.61% and traded at Price-to-Earnings (PE) multiple of 17.64x. The index featured a negative price return on a year-over-year and year-to-date basis, down ~0.24% and ~4%, respectively.
In the year-over-year period, the index tested 52-week high of 17,970.51 and 52-week low of 11,172.73. At the last closing, the index traded approximately 9% below its 52-week high and 47% above its 52-week low. This implies that the index is mostly tilted towards its year’s peak level.
Five-day Price Chart (as on October 05, 2020, after markets close); Source: EODHD/Others, Thomson Reuters
Market Cues*
Top Movers: Aphria Inc (up 13.8%), New Gold Inc (up 11.7%) and Seven Generations Energy Ltd (up 10%)
Bottom Movers: Teck Resources Ltd (down 2.51%), Westshore Terminals Investment Corp (down 2.2%), and Allied Properties Real Estate Investment Trust (down 2.1%)
Volume Leader: Toronto-Dominion Bank, Suncor Energy Inc. and Canadian Natural Resources Limited
On Wall Street: Global benchmark indices on Wall Street settled higher, with the Dow Jones Industrial Average surging 465.83 points or 1.68% to 28,148.64, tech-heavy Nasdaq Composite increasing 257.49 points or 2.32% to 11,332.49 and the S&P 500 index bagging 60 points or 1.80% to 3,408.62.
Commodity News*
Gold futures up for the second consecutive day by 0.63% to 1,920.10.
The International Oil benchmark Brent Oil bagged 4.66% to close at US$ 41.29/bbl and WTI Crude Oil up by 5.51% to US$ 39.22/bbl.
*Details as on October 05th, 2020 (after the market close)
