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TSX/TSXV: The Canadian stock market fell on Friday 31st July 2020, over energy stocks’ dismal earnings amid heightened uncertainty over surge in COVID-19 cases. Toronto Stock Exchange's S&P/TSX 300 Composite Index dropped 130.09 points or 0.80% to 16,169.20. However, the TSX Venture Index climbed up 15.5 points or 2% to close at 721.24.
Imperial Oil stood out as the biggest loser among petroleum concerns, doffing CAD 1.14 or 5.2%, to settle at CAD 20.87 while Husky Energy lost 18 cents or 4% to sit at CAD 4.31. In the health-care arena, Aurora Cannabis stumbled 3.8% to CAD 13.62 while Bausch Health Companies lost 96 cents or 3.8% to CAD 24.42. Financials also traded lower on Friday after Equitable Group dropped 5.2% to CAD 77.24 while Brookfield Asset Management stocks tumbled CAD 1.85 or 4.1% to settle at CAD 43.25.
Gold and other resources continued on with their bull run with Kirkland Lake Gold sprinting by 7.1% to CAD 73.21 while Kinross Gold added 84 cents or 7.2% to CAD 12.5.
TSX 300 Composite Index 5-Year Price Chart (as on July 31st, 2020, after the market close). Source: EODHD/Others (Thomson Reuters).
On Wallstreet: Broader indices of the Wallstreet traded in green with Dow Jones Industrials bagging 114.67 points to settle at 26,428.32. The S&P 500 index added 24.9 points to 3,271.2 while technology benchmark Nasdaq Composite surged 157.6 points to 10,745.28. Stocks recovered the losses incurred in the last trading session and ended higher on Friday after tech stocks soared over stellar quarterly results of Amazon, Apple and Facebook.
COVID-19 Update: New COVID-19 cases soared by 491 on Friday in Canada. Health authorities announced that the pandemic has claimed six more lives. Total confirmed cases stood at 116,266 and approximately 8,935 people have succumbed to the illness, according to numbers provided by federal authorities. Around 87% of those confirmed COVID-19 cases have recovered and 4.6 million tests have been conducted so far.
Market Cues: TSX Composite
Top Performers: Dundee Precious Metals Inc (up CAD 1.06 or 11.73%), Kirkland Lake Gold Ltd (up CAD 4.82 or 7.05%) and Kinross Gold Corp (up CAD 0.8 or 6.84%).
Top Laggards: SNC-Lavalin Group Inc (down CAD 2.1 or 8.99%), Air Canada (down CAD 0.98 or 6.09%) and Equitable Group Inc (down CAD 3.98 or 4.88%).
Volume Leader: Bombardier Inc. Class B, Kinross Gold Corporation and Air Canada
Sector Summary
Top Performer: Basic Materials (up 2.05%) and Utilities (0.59%) only TSX Composite constituent sectors to trade in green.
Top Laggards: Technology (down 2.02%), Healthcare (down 1.83%) and Financials (down 1.61%).
Commodity Market Update
Crude Oil Future Prices*: International crude oil benchmark Brent Oil and WTI Crude traded at US$ 43.30/bbl and US$ 40.27/bbl respectively.
Gold Price*: Gold price was traded at USD 1,973.90 per ounce, up 0.96% from previous day closing.
Currency Rates*: The Canadian dollar recovered 0.005 cents to 74.60 cents U.S.
Bond Yields*: U.S 10-Year Treasury yield and Canada 10-Year Government Bond yield were traded at 0.533 per cent and 0.468 per cent, respectively.
*At the time of writing (as on July 31st, 2020, after the market close).
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