TSX gains as energy stocks rebound, Denison & Vermilion top gainers

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TSX gains as energy stocks rebound, Denison & Vermilion top gainers

 TSX gains as energy stocks rebound, Denison & Vermilion top gainers
Image source: Copyright © 2021 Kalkine Media

The rising crude oil prices drove up the TSX Composite energy sector by 4.39 per cent Wednesday, September 15. Also, the base metal sector gained 2.69 per cent.

The rising bond yield pulled up the banking stocks favoring the financial sector and curbing the impact of the corporate tax hike news in the U.S., hence, the financial sector added 0.60 per cent.

However, among the major sectors, telecom and utilities were the top laggards. The TSX Composite Index rebounded into green territory gaining 140.54 points or up by 0.68% and settling at 20,693.79.

Analysis by Kalkine Group

 One-year price chart (as on September 14, 2021). 

Active volume

Canadian Natural Resources was the most actively traded stock where 30.83 million exchanged hands, followed by Suncor Energy Inc. where 13.73 million exchanged hands, and BCE Inc. with 12.83 million shares exchanging hands.

Movers and laggards

Wall Street updat

Stocks initially lacked direction during trading Wednesday, but as the day proceeded, they firmly entered positive territory. Following the downward trend witnessed over the previous three sessions, the strength that emerged on Wall Street might partially be attributed to bargain shopping.

The Dow Jones Industrial Average rose 236.82 points or 0.7% to 34,814.39, while the S&P 500 gained 37.56 points or 0.9% to 4,480.70 and the Nasdaq gained 123.77 points or 0.8% to 15,161.53.

Commodity update

Gold eased in a tight range on taper uncertainty and traded at US$ 1,794.80, down 0.68%.

Oil prices jumped and Brent oil traded at US$ 75.46/bbl up 2.53%, while crude oil fetched more gain and traded at US$ 72.61/bbl up by 3.05%.

Currency news

The Canadian Dollar was up against the U.S. Dollar on Wednesday, while USD/CAD closed at 1.2633, down 0.47%.

The U.S. Dollar stood weak against the basket of major currencies on September 15, and closed at 92.46, losing 0.17%.

Money market:

The U.S. 10-year bond yield traded higher on September 15, and closed at 1.304, up 1.58%.

The Canada 10-year bond yield was up on Wednesday’s trade and closed in green at 1.219, soaring 4.01%.


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