Markets Rise While Commodities Simmer

Resource Investing News
Resource Investing

Morning Market Breakdown, April 17: After a strong Monday filled with gains for commodities, metals cooled off on Tuesday.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) made small progress by end of day Monday (April 16) when it closed at 15,300.38 with a 26.41-point gain.

Tuesday (April 17) morning saw the index continue ahead 24.58 points to reach 15,324.96.

The S&P/TSX Venture Composite Index (INDEXTSI:JX) settled down with a 6.02-point gain to close at 801.96 on Monday.

It took a small hit on Tuesday morning when it dropped 4.65 points to land at 797.31.

Despite drops in energy stocks, with Vermilion Energy (TSX:VET) falling 2.8 percent and Canadian Natural Resources (TSX:CNQ) slipping 1.7 percent, a boost from the healthcare sector propelled the TSX yesterday. Aphria (TSX:APH) gained 7.3 percent, while Canopy Growth (TSX:WEED) rose 3.5 percent.

The Dow Jones Industrial Average (INDEXDJX:.DJI) jumped 212.9 points on Monday to close at 24,573.04. It kept up its strength through to Tuesday morning, where it picked up 228.99 points to hit 24,802.03.

The S&P 500 (INDEXSP:.INX) pushed forward 21.54 points, ending Monday at 2,677.84. The index continued to rise on Tuesday morning as it grabbed 22.22 points to reach 2,700.06.

Gains from Merck (NYSE:MRK) helped lead the Dow Jones ahead yesterday, as the pharmaceutical company picked up 2.6 percent. Meanwhile, the telecommunications, materials and utilities sectors were the S&P 500’s best performers on Monday with gains of up to 1.5 percent.

Note: All numbers shown above were accurate as of 10:00 a.m. EST.

Daily metals

Gold simmered on Monday as it closed at US$1,350.70 per ounce. The precious metal lost traction on Tuesday morning when it fell to US$1,344.90. Despite silver’s strong start, it closed Monday at US$16.67 per ounce. It picked up pace on Tuesday morning as it rose to US$16.72.

Copper ended Monday on a high when it closed at US$3.09 per pound. It took a small slip on Tuesday morning as it landed at US$3.08.

Major miner news

  • McEwen Mining (TSX:MUX,NYSE:MUX): The company announced its production results for Q1 2018 from its three producing mines and one currently under construction. Consolidated production totalled 35,069 gold ounces and 695,651 silver ounces, or 44,344 gold equivalent ounces.

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Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.

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