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Morning Market Breakdown, April 19: After a Wednesday full of gains for the TSX, it struggled alongside Wall Street to stay in the green on Thursday.
The S&P/TSX Composite Index (INDEXTSI:OSPTX) ended Wednesday (April 18) victoriously as it snagged 176.67 points to close at 15,529.97.
Despite its Wednesday gains, Thursday (April 19) morning saw the index fumble 7.01 points to hit 15,522.96.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) boosted ahead with a 5.05-point gain, closing at 802.6. It couldn’t quite hold onto the green on Thursday morning, however, as it fell 0.25 points to land at 802.35.
Energy and materials stocks pushed the TSX into the green on Wednesday, as Enbridge (TSX:ENB) grew 1 percent and Canadian Natural Resources (TSX:CNQ) picked up 3.6 percent. First Quantum Minerals (TSX:FM) shot forward 6.7 percent and Teck Resources (TSX:TECK.B) boosted 3.1 percent.
The Dow Jones Industrial Average (INDEXDJX:.DJI) dropped 38.56 points on Wednesday to close at 24,748.07. The index stayed in the red on Thursday morning as it fell 71.92 points to hit 24,676.15.
The S&P 500 (INDEXSP:.INX) made progress with a gain of 2.25 points, ending the day at 2,708.64. It slipped up on Thursday morning when it dropped 10.93 points to hit 2,697.71.
Despite gains the industrial and energy sectors, shortcomings in consumer staples and financials dragged down the Dow Jones on Wednesday. Losses of 7.5 percent from IBM (NYSE:IBM) also hindered the Dow, as the company suffered its worst day on the market since 2013.
Note: All numbers shown above were accurate as of 10:00 a.m. EST.
Daily metals
Gold cooled off by Wednesday’s close when it reached US$1,353.50 per ounce. It fell further on Thursday morning as it hit US$1,351. Silver stayed strong until close on Wednesday as it wrapped up at US$17.24 per ounce. It continued to push ahead Thursday morning when it reached US$17.35.
Copper continued to rise through Wednesday as it closed at US$3.18 per pound. The metal lost some of its strength on Thursday morning as it fell to US$3.15.
Major miner news
- First Majestic Silver (TSX:FR,NYSE:AG): First Majestic Silver announced its first-quarter production results for 2018. With results coming out of the company’s six operating silver mines, total production came to 2.2 million ounces of silver, 15,887 ounces of gold, 4.4 million pounds of lead and 1.6 million pounds of zinc.
- Endeavour Silver (TSX:EDR,NYSE:EXK): Endeavour Silver announced several management appointments for its Mexico projects, including two new general managers and and a new project leader. The company also said its vice president of operations, Tomas Iturriaga, has resigned and that COO Godfrey Walton will take over the position until a replacement is found.
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Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.