AUS
NZ
UK
CA
USA
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Summary
- The S&P/TSX Composite Index shed 64.79 points, or 0.351 per cent, to close at 18,392.99.
- Slow pace of COVID vaccination and new restrictions on public activities weighed on the markets.
- Government’s C$15 billion spending plan on transport fails to enthuse markets.
Canada’s benchmark Toronto Stock Index (TSX) ended flat on Thursday as virus concerns refused to abate and the government’s big C$15 billion push for public transport systems failed to generate any enthusiasm among the investors.
The S&P/TSX Composite Index shed 64.79 points, or 0.351 per cent, to close at 18,392.99. It was better than its junior partner TSX Venture, which dived 26.88 points, or 2.524 per cent, to 1,037.97.
The slow pace of COVID vaccination and new restrictions on public activities weighed on the markets. Investors appeared to be less inclined to take risks and hedged their bets on familiar territories.
Healthcare, energy, mining, and pot stocks continued their rallies, witnessed in previous sessions.
The renewables sector has also seen significant traction in the markets on Thursday, aided by favourable comments from industry leaders and government officials.
TSX Composite’s YTD price chart as on February 11, 2021, Image Source: EODHD/Others
TSX Composite Cues
Top Movers: Inter Pipeline Ltd (29.25%), Colliers International Group Inc (11.88%), and Seven Generations Energy Ltd (5.74%)
Top Losers: Aphria Inc. (down 35.99%), Aurora Cannabis Inc (down 23.58%) and Cronos Group Inc (down 22.15%)
Most Active: Supreme Cannabis Company Inc., Zenabis Global Inc., Bombardier Inc., and Organigram Holdings Inc.
Commodity Cues*
Crude WTI prices were down 0.75 per cent to US$58.24 per barrel.
International oil benchmark, Brent oil prices were down 0.54% to US$ 61.14 per barrel.
Gold prices were down 0.86 per cent to US$ 1826.80 per ounce.
Bond & Forex*
Yield on the Canadian 10-year government bond was up 1.21% to 1.000%.
USD/CAD pair traded 0.02% lower at 1.27.
Despite a positive market outlook, lingering concerns remained over the pandemic mitigation. The Justin Trudeau government on Wednesday announced to implement harsher measures, including steep fines, against people not following the new COVID rules.
Concerns were also echoed by various provincial governments over lack of adequate funds to deal with the crisis. Bloc Québécois leader Yves-François Blanchet has demanded quick transfer of funds to support COVID relief in the provinces as new cases spike.
The federal government this week announced to spend C$14.9 billion on public transit systems over the next eight years, which it said would help provide a momentum to the economic activities.
*Details as after markets close on Feb 11, 2021
