Triple-Digit Gains for TSX Following Energy Progress
May 05, 2021 at 05:33 AM EDT
Wednesday, May 5, 2021 16:33 PM EST Triple-Digit Gains for TSX Following Energy Progress Suncor, Ero in Focus Stocks were solidly out of the red by the close of business on Wednesday, lifted straight up by gains in the energy field. The TSX vaulted 122.71 points to close Wednesday at 19,310.74 The Canadian dollar hiked 0.22 cents to 81.52 cents U.S. Energy proved the star Wednesday, with Suncor gaining $1.10, or 4.1%, to $28.04, while Canadian Natural Resources took on $1.42, or 3.7%, to $39.80. Among resource stocks, Ero Copper jumped $3.32, or 13.6%, to $27.79, while HudBay Minerals zoomed 77 cents, or 8.4%, to $9.94. Industrials fared well, as Brookfield Business Partners gained $3.00, or 5.5%, to $57.33, while Ritchie Bros. leaped $3.71, or 4.8%, to $80.55. Tech stocks had a rough go of it, though, with Kinaxis losing $8.11, or 5.2%, to $146.52, while Evertz Technology fading 65 cents, or 4.1%, to $15.13. In utilities, Canadian Utilities shed 87 cents, or 2.5%, to $34.48, while Northland Power slipped 79 cents, or 1.9%, to $40.29. In real-estate, Allied Properties REIT dipped 61 cents, or 1.4%, to $42.59, while Artis REIT let go of 13 cents, or 1.2%, to $10.85. Alberta reported its first death of a patient from a rare blood clot condition after receiving the AstraZeneca COVID-19 vaccine. ON BAYSTREET The TSX Venture Exchange eked ahead 1.2 points by the end of the day to 945.69. Seven of the 12 subgroups moved higher by the closing bell, led by energy, rumbling 2.9%, while industrials and materials each climbed 1.1%. The five laggards were weighed most by information technology, sliding 1%, while utilities lost 0.6%, and real-estate dipped 0.4%. ON WALLSTREET U.S. stocks rebounded on Wednesday as strong earnings results and economic optimism pushed the Dow Jones Industrial Average to a record high. The Dow Jones Industrials gained 97.31 points to end the session at 34,230.34. The S&P 500 eked higher 2.93 points to 4,167.59. The NASDAQ Composite gave up earlier gains and finished behind Tuesday’s close by 51.08 points to 13,582.42, as Amazon, Netflix and Facebook all dipped more than 1%. General Motors shares climbed over 4% after earnings blew past expectations. Activision Blizzard traded higher by 3% after strong results. Commodity stocks jumped. Chevron and Dow were the two biggest gainers in the Dow Jones. ConocoPhillips popped more than 5% thanks in part to an upgrade to buy from Bank of America. The Biden administration announced Wednesday that it supports waiving intellectual patent protections for COVID-19 vaccines, as countries struggle to manufacture the life-saving doses. Stocks of major pharmaceutical companies that have produced vaccines fell following the news. Moderna dropped more than 6%. Exercise equipment maker Peloton dropped more than 14% after announcing a recall of its treadmill product due to safety concerns. U.S. equities hit lows of the day following Treasury Secretary Janet Yellen’s comments that interest rates may have to rise somewhat to keep economy from overheating. Later in the day, the former Fed Chairman tempered her comments somewhat, saying she respects the central bank’s independence and was not trying to influence decision-making there. Private payrolls rose by 742,000 jobs in April, according to ADP. This result was below expectations of 800,000 jobs from economists surveyed by Dow Jones. ADP did revise its March report upward by 48,000 jobs. These numbers come ahead of Friday’s closely-watched jobs report. The IHS Markit U.S. services purchasing managers index came in at 64.7 for April, ahead of the projected reading of 63.3, according to economists surveyed by Dow Jones. The Institute for Supply Management non-manufacturing index came in slightly under expectations at 62.7, however. PMIs are calculated such that readings above 50 represent expansion in an economic sector. Prices for 10-Year Treasurys gained ground, weighing yields to 1.57% from Tuesday’s 1.59%. Treasury prices and yields move in opposite directions. Oil prices sagged 41 cents to $65.28 U.S. a barrel. Gold prices brightened $10.40 to $1,786.40 U.S. an ounce.