AUS
NZ
UK
CA
USA
IND
_02_06_2025_07_05_23_538703.jpg)
Summary
- The S&P/TSX Composite Index ticked up 0.36% to close at 18,460.21.
- Air Canada acquires tour operator Transat A.T. for C$190-million.
- Federal government announces COVID relief of C$1,200 for each frontline health worker.
Canada’s benchmark Toronto Stock Index (TSX) ended the week with muted gains on Friday after the government announced a onetime relief of C$1,200 for frontline health workers and optimism over more COVID vaccine supplies to protect the vulnerable.
The S&P/TSX Composite Index moved up 67.22 points, or 0.36 per cent, to close at 18,460.21. The small cap TSX Venture rose by 29.47 points, or 2.83 per cent, to 1,067.44.
Virus concerns continued to linger in the markets, but there was some cheer after the federal government said it will pay C$1,200 to 380,000 frontline health workers as onetime relief.
Canada has suffered due to delays in COVID drug supplies since mid-January. But deliveries are expected to pick up this month when the next batches of Pfizer-BioNTech and Moderna vaccines arrive.
Prime Minister Justin Trudeau has reiterated that the supplies would improve from next week.
Markets have welcomed the government’s approval for the purchase of tour operator Transat A.T. by Air Canada for C$190 million. COVID had reduced the deal value. The acquisition is expected to improve the financial health of the air transport sector.
Picture Courtesy: Pixabay.
TSX Composite Cues
Top Gainers: Prairiesky Royalty Ltd (8.20%), Vermilion Energy Inc (5.87%), Air Canada (5.33%), and CI Financial Corp (5.27%).
Top Losers: Aurora Cannabis Inc (-13.71%), Agnico Eagle Mines Ltd (-6.22%), Colliers International Group Inc (-5.30%), and Innergex Renewable Energy Inc (-5.25%).
Most Active: Enbridge Inc (17.84 mn), Aphria Inc (14.82 mn), Aurora Cannabis Inc (10.77 mn), and Manulife Financial Corp (8.85 mn).
Commodity Cues
Crude WTI prices were down 2.54% to US$59.72 per barrel.
International oil benchmark, Brent oil prices were down 2.49% to US$62.66 per barrel.
Gold prices were down 0.12% to US$1,824.55, per ounce.
Image Source: EODHD/Others, TSX Composite Index YTD price chart, 13 February 2021
Bond & Forex
Yield on the Canadian 10-year government bond was up 0.39%% to 1.030%.
USD/CAD pair traded 0.06% lower at 1.2694.
Markets were hoping that more supplies of COVID vaccines would help lessen the current stress, which would eventually have a positive on businesses. Canada has so far approved two COVID drugs.
Meanwhile, the CEO of pot company CannaPharmaRx moved a court to overturn the federal government’s order for three-day compulsory quarantine in hotels, calling it unconstitutional.
Travelers would have to fork out as much as C$2,000 for the stay in the designated hotels. There has been growing criticism against the government's decision.
Because of the rising infection cases, voting in the local elections in Newfoundland and Labrador has been postponed in most of the areas.
