TSX edges lower amid commodity weakness, Loonie sinks

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TSX edges lower amid commodity weakness, Loonie sinks

 TSX edges lower amid commodity weakness, Loonie sinks

The main Canadian stock index noted a slight fall amid weakened commodity prices on Monday, August 17.

Amid resurgence in the Delta variant cases and the announcement of Canada’s snap federal elections, the S&P/TSX Composite Index dipped 0.17% or 34.65 points to close at 20,483.43 on Monday.

The weakness in the broader indices was mainly on account of the steep plunge in the energy and base metal sectors, which declined by 2.3% and 2.13%, respectively. The losses were partially offset on the back of strength in the financials, utilities, IT and telecom sectors.

Technical Price Chart (as on August, 16, 2021). Source: Refinitiv, Analysis by Kalkine Group

Most Active Stocks

Nevada Copper Corp., Enbridge Inc and Manulife Financial Corporation were among the most actively traded stocks on the Toronto Stock Exchange on Monday, with daily traded volumes of 19.23 million, 13.42 million and 9.45 million, respectively.

Movers and Laggards

Wall Street Update

After being under pressure early in the session, US indexes were neutral throughout the trading day on Monday, despite the turbulence in Afghanistan.

The Dow and S&P 500 both rebounded to conclude the day at fresh all-time highs, while the Nasdaq gained ground but ended the day in the red.

The Dow Jones Industrial Average jumped 110.02 points, or 0.3% to 35,625.40, while the S&P 500 Index gained 11.71 points or 0.3% to 4,479.71. The Nasdaq Composite Index fell 29.14 points or 0.2% to 14,793.76.

Commodity Update

Gold futures carried its gaining momentum and traded at US$ 1,789.80/oz up by 0.54%.

Oil again witnessed a selling pressure as Brent oil traded negative at US$ 69.51/bbl down 1.05%, while Crude oil also traded down by 0.81% at US$ 67.29/bbl.

Currency News

On Monday, the Canadian Dollar was down against the U.S. Dollar, while USD/CAD closed at 1.2572, up 0.42%.

The US Dollar index was up against the basket of major currencies on Monday and ended in green at 92.62, up 0.09%.

Money Market

The US 10-year bond yield tanked 1.17% on August 16, 2021, and ended in green at 1.268.

The Canada 10-year yield, on the other hand, also corrected 1.60% on Monday and closed at 1.165.

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