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The S&P/TSX Composite Index recorded gain in all 11 major sectors on Wednesday, May 26, primarily boosted by the energy and materials sectors.
The benchmark Canadian index shot up by 0.93% to close at 19,745.47 on Wednesday.
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As the US Federal Reserve’s stance on inflation concerns impacted Treasury Yields, gold prices rose to boost the materials sector, which jumped 1.3%.
The energy sector, meanwhile, climbed ~1.9% in the wake of rising crude oil prices.
Factors like declining COVID-19 cases in India and over half of US’ adult population being partly vaccinated also seem to have impacted investor confidence in the Canada and US.
1-Year Price Chart (as on May 27, 2021). Source: EODHD/Others
From a technical standpoint, the benchmark Canadian index is hovering in a bullish zone and trading well above all its short-term as well as long-term support levels. Its 14-day RSI is hovering in a neutral zone with a bullish bias at 73.65.
Major Movers and Gainers
Active Volume
The most actively traded stocks on the TSX on Wednesday were Suncor Energy Inc, with 14.62 million shares, Great-West Lifeco Inc, with 9.30 million shares, and Enbridge Inc, with 8.59 million shares.
Wall Street Update
Recent remarks from US Federal Reserve officials seem to have calmed peoples’ fears regarding an out-of-control inflation, keeping bond rates in check. An economic confidence has also been noted in the light of COVID-19 cases falling below 25,000 on a daily basis in the US.
The Dow Jones traded flat at 34,323 on Wednesday, while the S&P gained 0.19% to 4,196 and the Nasdaq Composite Index rose 0.59% to 13,738.
Commodity Update
Gold traded slightly lower at US$ 1,896.15, falling 0.14%.
Brent Oil continued its positive momentum and closed at US$ 68.87/bbl on Wednesday, while the WTI Crude Oil gained 0.21% to US$ 66.21/bbl.
Currency Update
The Canadian dollar fell for the second straight session against the US greenback, while USD/CAD ended in green at 1.2117, up 0.46%.
The US Dollar Index strengthened against the basket of major currencies and closed at 90.07, up 0.49%, on Wednesday.
