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Toronto Stock Exchange’s main index S&P/TSX Composite ended Monday’s trading session marginally higher by 1 per cent, uplifted by Pfizer’s promising early test results of its COVID-19 vaccine and Joe Biden’s election to the US presidency.
During the intraday trading session, the S&P/TSX Composite Index rose as much as 433 points, an increase of 2.66%, the most in a month, to more than 16,715. It closed the day 193 points or 1.2 per cent higher at 16,475.86.
5-day Price Chart (as on November 10, 2020, after the market close). Source: EODHD/Others (Thomson Reuters)
American multinational pharmaceutical corporation Pfizer announced that its COVID-19 vaccine was more than 90 per cent effective in preventing the virus, news that sent its stock, as well as global markets, skyrocketing.
The index is hovering in steep bullish zone, and traded well above its long-term, short-term and immediate support levels of 200-day, 100-day, 50-day, 30-day, 20-day, 10-day and 5-day Simple Moving Averages (SMAs). Further, the Moving Average Convergence Divergence (MACD) is rising, with the difference between 12-day and 26-day EMA is negative, another bullish indicator.
The index featured a dividend yield of 3.62% at closing bell and traded at price-to-earnings multiple of 19.73x.
Several companies belonging to travel and hospitality arena, among the hardest hit by coronavirus pandemic, witness stocks surge on Monday.s
Stocks in Play *
Top Gainers: Air Canada (up 28.6%), Vermilion Energy Inc (up 25.9%), and MEG Energy Corp (up 24.8%)
Top Losers: Shopify Inc (down -13.8%), Cargojet Inc (down -13.3%), and Agnico Eagle Mines Ltd (down -9.9%)
Volume Leaders: Suncor Energy Inc., Air Canada and Enbridge Inc.
On Wall Street: Global benchmark indices of the United States soared to record highs Monday on positive news about COVID-19 vaccine. All three major indices of the US, the Dow Jones, the S&P 500 and technology dominated Nasdaq composite recorded all-time highs after Pfizer announced that its clinical vaccine trial which indicates a 90% success rate in combating the virus.
Commodity News*
Safe haven Gold Futures plummeted 5.4% on Monday following positive news on Covid-19 vaccine, and settled at $ 1,854.40/oz.
American Oil benchmark Crude WTI surged 6.64% to $ 40.29/bbl and Brent Oil surged 5.87% to $ 42.40/bbl.
Forex*
USD/CAD traded slightly lower at 1.3007.
U.S greenback traded higher on Monday against the basket of majors, with U.S Dollar index traded 0.53% to 92.72.
