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Canada’s TSX Composite Index posted another day of gains as it rose almost 0.9 per cent or 181.35 points Wednesday, October 13. The last time the index saw a red day was on October 4 and this streak has landed it at 20,618.47 points, the highest it's been since September 15.
In a reversal of sorts in recent trends, the energy and financial sectors were down while all other sectors including healthcare and technology were in the green. The base metals sector, building on yesterday’s gains, was up almost 1.4 per cent and some analysts believe hefty inflation in the US might be the suspect for this. Industrials was up 1.3 per cent and tech was up nearly 2.3 per cent.
One-year price chart (October 13). Analysis by Kalkine Group
Volume active
The Toronto-Dominion Bank was the most actively traded stock with 15 million shares exchanging hands. It was followed by Denison Mines Corp where nearly 9.2 million shares exchanged hands, and B2Gold Corp with eight million shares exchanging hands.
Movers and laggards
Wall Street update
Speaking of inflation, the Labor Department said the consumer price index saw a 5.4 per cent increase in September year-on-year and disrupted supply chains could very well have exasperated the situation.
Though the major indices fell on market open Wednesday, they soon began to rally and for the most part, recovered.
The Dow Jones Industrial Average dropped a negligible 0.53 points to 34,377.81 points, and the S&P 500 gained 13.15 points or 0.3 per cent up to 4,363.80 points, and the Nasdaq was up 105.71 points or 0.73 per cent to 14,571.64 points.
Commodity update
It is no surprise that gold, considered to be a hedge against inflation, saw a spike of over two per cent (bear in mind the US dollar was down too) and traded at US$ 1,794.70. Brent oil was down 0.29 per cent to US$ 83.18/bbl, while crude oil fell 0.25 per cent to US$ 80.44/bbl.
Currency news
The Canadian dollar stood better against the US dollar on October 13, while USD/CAD ended in the red at 1.2438, down 0.21 per cent.
The US Dollar Index was worse off against the basket of major currencies Wednesday and ended at 94.02, down 0.53 per cent.
Money market
The U.S. 10-year bond yield fell 1.55 per cent on Wednesday’s trade and ended at 1.547.
The Canada 10-year bond yield fell 1.2 per cent on October 13 and ended at 1.607.
