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Morning Market Breakdown, April 11: Following a strong finish across the markets on Tuesday, the TSX saw more gains while Wall Street struggled.
The S&P/TSX Composite Index (INDEXTSI:OSPTX) pushed forward on Tuesday (April 10) when it picked up 34.44 points to close at 15,262.14.
It continued into the green on Wednesday (April 11) morning when it gained 33.86 points to hit 15,296.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) recovered from a minor red streak, gaining 10.68 points on Tuesday to end at 776.14. It continued on Wednesday morning, picking up 5.22 points to reach 781.36.
Most of Tuesday’s gains came in healthcare sector, as Canopy Growth (TSX:WEED) picked up 6.9 percent while Aphria (TSX:APH) found almost 2 percent. Materials stocks also rose, with Teck Resources (TSX:TECK.B) increasing almost 4 percent and First Quantum Minerals (TSX:FM) gathering 5.6 percent.
The Dow Jones Industrial Average (INDEXDJX:.DJI) found strong gains on Tuesday when it closed at 24,408 with a 428.9-point boost. Wednesday morning saw the Dow fall 93.09 points to 24,314.91.
The S&P 500 (INDEXSP:.INX) also gathered its strength on Tuesday as it boosted 43.71 points to 2,656.87. It struggled to keep up the pace on Wednesday morning, as it fell 5.87 points to hit 2,651.
Subsiding trade war fears gave Wall Street a much-needed boost after Chinese President Xi Jinping said he would work to open the country’s economy. In turn, US automakers saw boosts, as Ford Motor (NYSE:F) picked up 1.8 percent, Tesla (NASDAQ:TSLA) gained 5.2 percent and General Motors (NYSE:GM) rose 3.3 percent. Caterpillar (NYSE:CAT) and Boeing (NYSE:BA) gained over 3 percent each.
Note: All numbers shown above were accurate as of 10:00 a.m. EST.
Daily metals
Gold continued to grow on Tuesday as it closed at US$1,345.90 per ounce. The precious metal soared on Wednesday morning as it climbed to US$1,355.50. Silver also found gains on Tuesday when it closed at US$16.59 per ounce. It continued forward on Wednesday morning when it reached US$16.69.
Copper rose further on Tuesday when it closed at US$3.13 per pound. The commodity took a small fall on Wednesday morning as it hit US$3.12.
Major miner news
- B2Gold (TSX:BTO,NYSEMKT:BTG): The company announced its gold revenue and production results for Q1 2018. It achieved record quarterly consolidated gold production of 239,684 ounces, an increase of 81 percent from Q1 2017, and record quarterly consolidated gold revenue of US$344.3 million, an increase of 135 percent from Q1 2017.
- Rio Tinto (LSE:RIO,ASX:RIO,NYSE:RIO): Rio Tinto became the first company in the world to receive certification under the Aluminium Stewardship Initiative (ASI). The ASI is referred to as “the highest internationally recognized standard for robust environmental, social and governance practices across the aluminium life cycle of production, use and recycling.”
- Hecla Mining (NYSE:HL): Hecla Mining announced preliminary silver and gold production results for Q1 2018. Highlights include silver production of 2.5 million ounces and gold production of 57,808 ounces, with silver equivalent production of 10.7 million ounces and gold equivalent production of 134,903 ounces.
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Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.