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The leading index of the Toronto Stock Exchange, S&P/TSX Composite Index, gained 214.17 points or 1.28% to close at 16,889.81 on the back of Moderna's vaccine announcement on Monday. The index closed above crucial long-term, short-term and immediate support level of 200-day, 100-day, 50-day, 30-day, 20-day, 10-day and 5-day simple moving averages (SMAs). The leading momentum index Moving Average Convergence Divergence (MACD) is extending, with the difference between 12-day and 26-day EMAs being positive.
Investors hopped on the market rally, dumping safe assets and shifting to riskier assets, after Moderna claimed its vaccine was 94 per cent effective during trials. The news came exactly a week after Pfizer and BioNTech announced 90 per cent efficacy of its vaccine candidate in preventing coronavirus.
At the close, the index featured a dividend yield of 3.45% and traded at a Price-to-Earnings multiple of 19.41x.
S&P/TSX Composite Index 5-day Price Chart (as on November 16, 2020). Source: EODHD/Others (Thomson Reuters)
Stocks in Play*
Gainers: Enerplus Corp (up 8.8%), Parex Resources Inc (up 8.5%), and H&R Real Estate Investment Trust (up 8%) respectively.
Losers: Kinaxis Inc (down 4.9%), Wesdome Gold Mines Ltd (down 4.9%), and Fortuna Silver Mines Inc (down 4.3%) respectively.
Volume Leaders: Enbridge Inc., Manulife Financial Corporation, and Suncor Energy Inc.
On Wall Street: Global benchmark indexes of the United Stated traded in green, with the S&P 500 index gaining 41.7 points or 1.16% to 3,626.91. The Dow Jones Industrial added 470 points or 1.60% to 29,950.44 and the technology benchmark index Nasdaq Composite index traded 94.84 points or 0.80% higher at 11,924.13.
Commodity News*
Oil prices rose on November 16, trading session with futures of Brent and WTI rising around 1 per cent.
Gold futures also gained on Monday, edging up by 0.08% or US$1.60 to settle at $1,887.80 an ounce.
Currency News*
The Canadian dollar strengthened against its U.S. greenback in the November 16, 2020 session as positive results from a COVID-19 vaccine trial bolstered investor sentiment. At the close USD/CAD traded 0.40% lower at 1.3072.
The greenback extends the decline for the third consecutive day, with U.S Dollar Index traded 0.13% lower at 92.63.
Bond Market*
Canada 10 Year Benchmark Bond Yield is at 0.737%, compared to 0.738% the previous market day.
US 10-Year Treasury Bond Yield traded 1.105 higher at 0.91% respectively.
*Details after markets close on November 16, 2020.
