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The largely tracked benchmark index of the Canadian Stock Exchange, the S&P/TSX Composite Index, plummeted 320 points or 1.81% to 17,337.02 on Friday and pared all the gains of yesterday’s trading sessions.
The decline was primarily because of weakness in Tech stocks, which plummeted by 2.52%, followed by Consumer Cyclicals, down 2.22%, and Industrials down 2.17%. However, all the constituent sectors of the TSX Composite Index traded on red.
Sector Summary. Source: EODHD/Others (Thomson Reuters)
The index slipped below its crucial short-term support levels of 50-day simple moving average (SMA) and traded below its immediate support levels of 5-day, 10-day, 20-day, and 30-day SMAs. A similar pattern was observed in exponentially moving averages too, implying a short-term weakness in the index.
Five-day Price Chart of TSX Composite (Sources: EODHD/Others, Thomson Reuters)
Top Performers: MAG Silver Corp (up 9.1%), First Majestic Silver Corp (up 6.8%), Silvercorp Metals Inc (up 5.8%).
Top Gainers: Westshore Terminals Investment Corp (down 6.3%, Aphria Inc (down 6.2%), and Aurora Cannabis Inc (down 5%).
Volume Leaders: BlackBerry Ltd, Cenovus Energy Inc and Enbridge Inc.
On Wall Street: The major indices of the Wall Street traded in red, with Dow Jones down 620.74 points or 2.03% to 29,982.62, the S&P 500 Index slipped 73 points or 1.93% to 3,714.24, and the Nasdaq Composite Index slipped approximately 266.46 points or 2.0% to 13,070.70, respectively.
Commodity Update*
Gold Futures traded 0.41% higher on Friday and settled at $1,861.70/oz.
American Oil benchmark WTI Crude traded 0.27% lower at $51.98/bbl and the International benchmark Brent Oil traded 0.63% higher at $55.88/bbl.
Money Market*
Yields on the Canada 10-Year Government Bonds surged 9.21% to 0.889% and the US 10-Year Treasury Yield traded 1.80% higher at 1.071% respectively.
Forex*
USD/CAD traded 0.40% lower at 1.2777 and US Dollar index moved 0.16% higher to 90.569, respectively.
* Details after markets close on January 29, 2021
