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Rally in the global equity markets continued for the fourth straight day, led by increasing optimism over the US stimulus package. Lifted by the rally across the border, Canadian stocks too advanced on Thursday.
The largest-tracked equity index of the Canadian stock markets, the S&P/TSX Composite Index, bagged ~126 points or 0.70% to settled at 18,041.97. The index once again reclaimed the 18,000 psychological bullish level, which was last seen on January 21, 2021.
During the day trading session, the index registered an intraday high of 18,072.17 and an intraday low of 17,929.66.
The rally was supported by Metals and Mining sector, up approximately 1.05%, followed by Financials up 0.84% and Information Technology sector up 0.77%.
Healthcare was the only laggard, down 0.82%.
Leading the index, were the shares of Canada Goose Holdings Inc, Methanex Corp and Seven Generations Energy Ltd, up by 22.4%, 6.4% and 5.8%, respectively. While, New Gold Inc, OceanaGold Corp and Aurora Cannabis Inc were among the bottom movers on Thursday, down 7.5%, 4.3% and -4.1%, respectively.
From the volume standpoint, Supreme Cannabis Company Inc., Enbridge Inc. and Suncor Energy Inc. were the most the active stocks in the Thursday trading session.
5-day TSX Composite Price Chart (as on February 04th, 2021). Source: Refinitiv (Thomson Reuters)
On Wall Street: In the US market, technology benchmark Nasdaq Composite was the top movers among the three major indices globally tracked by the trading community and added ~167 points or 1.23% to 13,777.74, the S&P 500 index surged 1.09% to 3,871.74 and the Dow Jones Industrials surged approximately 1.08% to 31,055.86, respectively.
Commodity Update*
Safe-haven gold moved lower and tested a $17000 level, last seen on December 2020. The Gold contract declined approximately 2.4% to $1,791.20/oz.
Energy majors Brent Crude and Crude WTI added 0.65% and 0.97%, respectively.
Yield on the 10-Year US Treasury Bond declined 0.3% to 1.136%, however, Canada 10-year Government Bond Yield surged 1.53% to 0.964%.
Canadian Dollar weakened against the US counterpart for the second straight day with CAD/USD pair traded 0.33% lower at 0.7794.
US Dollar Index surged 0.41% to 91.520, respectively.
*Details after markets close on January 4, 2021
