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The looming fear of second wave of coronavirus cases led to massive sell offs in Canadian equity markets on Monday. Extending losses for the fourth consecutive day, the S&P/TSX Composite Index settled ~217.20 points or 1.30% lower to 15,981. Energy index fell 4.3%, while financials dropped 1.5%.
Five-day TSX Composite Price Chart (as on 21 September 2020, after markets close / Source: EODHD/Others, Thomson Reuters)
The key Canadian bourse closed below its five-day, 10-day, 20-day, 30-day, and 50-day Simple Moving Average (SMAs), implying a short-term weakness in the broader market. The index traded above its long-term support levels of 100-day and 200-day SMAs. The index is currently down 6.3% for the year.
The S&P/TSX Venture Composite Index lost 25.51 points to close at 719.86.
Top Gainers: Shopify Inc (up 3.8%), Ballard Power Systems Inc (up 3.4%), and Lightspeed POS Inc (Up by 3%).
Top Losers: First Majestic Silver Corp (down 9.3%), First Quantum Minerals Ltd (down by 8.8%) and Hudbay Minerals Inc (down 9.0%).
Volume Leaders: Canadian Natural Resources Ltd (TSX:CNQ), Suncor Energy Inc (TSX:SU) and Kinross Gold Corp (TSX:K).
On the Wall Street: Stocks in the United States lost ground on Monday with basic materials, oil & gas and financials sectors trending lower. At the closing bell, the Dow Jones Industrial Average declined 1.84%, hitting a new one-month low. The S&P 500 index fell 1.16%, while the NASDAQ Composite index lost 0.13%.
The West Texas Intermediate crude future fell 3.7 or $1.52 to $39.59 a barrel, while the Brent crude future fell 3.41%, or $1.47, to $41.68.
