TSX up after news of Merck’s Covid antiviral pill, loonie up

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TSX up after news of Merck’s Covid antiviral pill, loonie up

 TSX up after news of Merck’s Covid antiviral pill, loonie up
Image source: Copyright © 2021 Kalkine Media

News of an effective oral antiviral pill for COVID-19 by Merck & Co. seems to have the market anticipating a possible faster recovery of the economy. The consumer cyclical, industrial and financial sectors gained momentum after the news.

The industrials and financials sectors moved up 0.86 per cent and 0.73 percent respectively. Additionally, the technology and base metal sectors also moved up with a lesser magnitude. The broader TSX composite index shifted into the green zone during the starting of the month and gained 80.62 points or 0.40 per cent to settle at 20,150.87

One-year price chart (as on October 01). Analysis by Kalkine Group

Volume active

The Bank of Nova Scotia was the most actively traded stock where 13.26 million exchanged hands, followed by Bombardier Inc. where 11.92 million exchanged hands, and Toronto-Dominion Bank with 8.44 million shares exchanging hands.

Movers and laggards

Wall Street update

Following a period of high volatility early in the session, stocks rose sharply throughout the trading day on Friday, October 1. The major averages regained ground as a result of the rally, following a steep drop in the previous session.

The Dow Jones Industrial Average rose 482.54 points or 1.4 per cent to 34,326.46, while the S&P 500 gained 49.50 points or 1.2 per cent to 4,357.04, and the Nasdaq rose 118.12 points or 0.8 per cent to 14,566.70.

Commodity update

Gold traded at US$ 1,758.40, up 0.08 per cent. Brent oil gained 0.97 per cent to US$ 79.28/bbl, while crude oil advanced 1.13 per cent to US$ 75.88/bbl.

Currency news

The Canadian Dollar stood higher against the U.S. Dollar on October 01, while USD/CAD ended in the red at 1.2647, down 0.24 per cent.

The U.S. Dollar index was weaker against the basket of major currencies on Friday, and ended at 94.04, down 0.21 per cent.

Money market

The U.S. 10-year bond yield slid on Friday’s trade and ended 1.84 per cent lower at 1.465.

After a five-day rally, the Canada 10-year bond yield tanked 2.45 per cent on October 01 and ended at 1.471.

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