TSX Up For Sixth Straight day, Ballard Power & Crescent Point Top Stocks

 

The main Canadian equity index – the S&P/TSX Composite – settled higher for the sixth consecutive day, supported by strengths in energy, healthcare, industrials, and financials stocks. The index closed 56.65 points or 0.32% higher at 17,639.0 on Tuesday.

The energy index closed 1.02% higher, with Crescent Point Energy Corp surging 6.9% and Enerplus Corp up 4.0%. The Industrials index went up by 0.50%, with Ballard Power Systems Inc. bagging 8.75%.

At the close, the S&P/TSX Composite featured a dividend yield of 3.35% and last traded at a Price-to-Earnings (P/E) multiple of 19.61x.

The S&P/TSX Composite is up ~ 3.5% in year-to-date, featuring a return of ~ 9.5% on quarter-to-date and up 2.62% month-to-date.

Further, the broader index traded well above 5-day, 10-day, 20-day, 30-day, 50-day, 100-day and 200-day simple moving averages (SMAs). This implies that the market is in a bull run.

The index is also hovering close to its all-time highs.

S&P/TSX Composite Index 5-day Price Chart (as on December 08, 2020). Source: Refinitiv (Thomson Reuters)

 

Stocks in Play*

 

Top Gainers: Ballard Power Systems Inc (up 8.8%), Crescent Point Energy Corp (up 6.9%), and Enerplus Corp (up 4.0%), respectively.

Top Losers: Trillium Therapeutics Inc (down 11.6%), Real Matters Inc (4.5%), and Hudbay Minerals Inc (up 3.8%).

Volume Leaders: Suncor Energy Inc., Baytex Energy Corp. and Enbridge Inc.

On Wall Street: The benchmark indices of the New York Stock Exchange traded in green. The Dow Jones traded 104.09 points or 0.35% higher at 30,173.88, the S&P 500 index up 10.3 points or 0.28% to 3,702.25 and the Nasdaq Composite added 62.83 points or 0.50% to 12,582.77.

 

Commodity News*

 

Gold Futures added 0.48% to US$ 1,874.90/oz on Tuesday.

Brent Crude oil increased marginally by 0.10% to US$ 48.84/bbl and American Oil benchmark WTI Crude Oil declined 0.35% to US$ 45.60/bbl.

Canadian dollar slightly weakened against the US greenback and declined 0.15% to 0.7801.

 

*All details after markets close on December 8, 2020.

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