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Morning Market Breakdown, April 18: As the TSX Composite Index saw gains in the hundreds on Wednesday morning, the Dow wasn’t able to keep up.
The S&P/TSX Composite Index (INDEXTSI:OSPTX) ended Tuesday (April 17) in the green as it closed with a 52.92-point gain at 15,353.3.
Wednesday (April 18) morning saw the index fly out the gate, as it galloped to 15,476.29 with a 122.99-point boost.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) drooped 4.41 points on Tuesday, closing at 797.55. It tried to stabilize on Wednesday morning when it clung to the green with a 1.13-point gain to 798.68.
Tech and materials stocks paved the way for gains on Tuesday, as Shopify (TSX:SHOP) picked up 7.6 percent and BlackBerry (TSX:BB) grew 2.2 percent. Meanwhile, First Quantum Minerals (TSX:FM) grabbed 4.3 percent and Teck Resources (TSX:TECK.B) boosted 0.5 percent.
The Dow Jones Industrial Average (INDEXDJX:.DJI) got a 213.59-point boost on Tuesday to cap off the day at 24,786.63. The market made minimal progress on Wednesday morning, however, as it gained 3.46 points to reach 24,790.09.
The S&P 500 (INDEXSP:.INX) gained 28.55 points to wrap up Tuesday at 2,706.39. It trudged forward on Wednesday as it picked up 4.18 points to reach 2,710.57.
UnitedHealth (NYSE:UNH) led the Dow Jones ahead on Tuesday as it picked up 3.5 percent, while gains in the tech, up 2 percent, and consumer discretionary, up 1.9 percent, sectors boosted the S&P 500. Netflix (NASDAQ:NFLX) was the S&P’s shining star yesterday, as it grew 9.2 percent.
Note: All numbers shown above were accurate as of 10:00 a.m. EST.
Daily metals
Gold hit a small snag when it closed at US$1,349.50 per ounce on Tuesday. It bounced back on Wednesday morning as it reached US$1,355. Silver continued to grow through Tuesday, eventually closing at US$16.78 per ounce. The precious metal skyrocketed on Wednesday morning as it grasped US$17.14.
Copper fell at Tuesday’s close when it hit US$3.07 per pound. Wednesday morning saw copper shoot forward to land at US$3.17.
Major miner news
- SSR Mining (TSX:SSRM,NASDAQ:SSRM): Goldplay Exploration (TSXV:GPLY) has entered an option agreement to acquire a 100-percent interest in the San Marcial project in Mexico from a subsidiary of SSR Mining. The property is a silver, zinc and lead project that spans 1,250 hectares.
- B2Gold (TSX:BTO,NYSE:BTG): The company has uncovered positive exploration drill results at its Fekola North extension zone in Mali. The results include increased gold mineralization to 1 kilometer north of the Fekola Reserve pit boundary, as well as an indication that the higher-grade Fekola ore shoot is thicker and extends closer to surface than previously projected.
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Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.