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Following the TSX Composite Index losing 2.33 per cent last week, over the Omicron scare, Sunday saw US’s chief pandemic adviser Dr. Anthony Fauci say early signals of the variant looked “encouraging.” On Monday, December 6, Canada’s benchmark index gained a solid 1.1 per cent or 227.83 points.
Friday’s biggest laggers were Monday’s top gainers with energy up 2.5 per cent and base metals recovering 2.4 per cent. Industrials, IT and healthcare gained over 1.5 per cent with all indices in the green. The tech stock of Dye & Durham Ltd gained 9.3 per cent after it acquired Financial Solutions Business from TELUS Corporation along with some assets.
Ever since news of the Omicron broke, public officials have urged caution and not panic. There still simply isn’t enough conclusive data.
One-year price chart (December 6). Analysis by © 2021 Kalkine Media®
Energy stocks dominate volume actives
The top three stocks by volume were all energy stocks. In fact, the top six stocks by volume were energy stocks that posted gains. Suncor Energy Inc saw 32.43 million shares traded, making it the most active stock for the second day in a row. It was followed by Canadian Natural Resources Limited that saw 19.85 million shares switch hands and Enbridge Inc saw 14.37 million shares traded.
Movers and laggards
Wall Street update
Wall Street too saw good gains Monday. As trade for the week opened, the major indices began to rally and continued to post gains till close.
The Dow jumped 646.95 points, 1.87 per cent, to 35,227.03 points, while the S&P 500 saw an increase of 53.24 points, 1.17 per cent, to 4,591.67 points. Nasdaq grew 139.68 points, 0.93 per cent, to 15,225.15.
Oil prices recover
Gold fell 0.24 per cent to US$ 1,779.50 but the price of Brent oil has been recovering and is back over the US$ 70-mark. Monday saw a rise of 2.7 per cent to US$ 73.08/bbl. It has gained six per cent since December 1. Crude oil gained 2.86 per cent to US$ 69.49/bbl and was up 4.82 per cent since Friday.
Currency news
The loonie was up by 0.51 per cent Monday while USD/CAD ended at 1.2754. The US Dollar Index was at 96.33, up 0.14 per cent against the basket of major currencies.
Money market
The US 10-year bond yield rose 3.8 per cent to 1.433 and the Canada 10-year bond yield skyrocketed nearly six per cent to 1.523.
