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Heading into the holiday season in early November, much was expected but due to the Omicron scare those gains were not to be had. Now, as of Wednesday, February 9, the TSX Composite Index has recovered 4.7 per cent in three weeks after it gained another 227.01 points, 1.06 per cent, to 21,604.19.
The headlines might be dominated by the self-proclaimed ‘Freedom Convoy’ protest against vaccine mandates, but Canada’s benchmark index found itself at one of its highest closing marks ever, within striking distance of its all-time high, boosted by the healthcare sector that grew nearly seven per cent. Technology grew nearly three per cent, base metals 2.6 per cent, energy 1.8 per cent and industrials over two per cent. The day’s top gainers were pot stocks.
One-year price chart (February 9). Analysis by © 2022 Kalkine Media®
Volume actives
Enbridge Inc saw 8.8 million shares traded, making it the most active stock. It was followed by Cenovus Energy Inc that saw over 7.9 million shares switch hands, and Suncor Energy Inc saw over 7.2 million shares traded. All three of these big energy players closed in the green.
Movers and laggards
Wall Street update
Wednesday’s recovery stretched to Wall Street too where there were gains and Meta’s (FB) stock too rebounded. The Dow spiked 0.86 per cent, 305.28 points, to 35,768.06, and the S&P 500 grew 65.64 points, 1.45 per cent, to 4,587.18. Nasdaq’s benchmark soared 295.91 points, 2.08 per cent, to 14,490.37.
Commodities update
Gold was down 0.54 per cent to US$ 1.847.00. Brent oil gained 0.85 per cent to US$ 91.55/bbl. Crude oil was up 0.34 per cent to US$ 89.66/bbl.
Currency news
The loonie posted a 0.32 per cent gain Wednesday while USD/CAD ended at 1.2670. The US Dollar Index was at 95.49 against the basket of major currencies, down 0.16 per cent.
Money market
The US 10-year bond yield fell 1.01 per cent to 1.945 and the Canada 10-year bond yield was down 0.54 per cent to 1.847.
