Indexes Struggle in the Red

- April 25th, 2018

Morning Market Breakdown, April 25: After the markets took a nasty tumble just before Tuesday’s close, indexes continued to see red Wednesday morning.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) fell from grace on Tuesday (April 24) as it dropped 75.06 points to close the day at 15,477.

Wednesday (April 25) morning saw the index continue to struggle as it lost 13.11 points to hit 15,463.89.

The S&P/TSX Venture Composite Index (INDEXTSI:JX) took a tumble at Tuesday’s close, shedding 8.17 points to reach 789.24. The index took further losses on Wednesday morning as it dropped 5.73 points to hit 783.51.

Lower oil prices brought down the energy sector on Tuesday, which dropped 0.6 percent. While only three of the TSX’s 12 subgroups finished in the green yesterday, gold was one that tried to push forward. Barrick Gold (TSX:ABX,NYSE:ABX) gained 3.6 percent, while Centerra Gold (TSX:CG) grew 3 percent after Chaarat Gold Holdings (LSE:CGH) offered to buy its Kumtor gold mine in Kyrgyzstan.

 

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The Dow Jones Industrial Average (INDEXDJX:.DJI) buckled by Tuesday’s close, losing 424.56 points to hit 24,024.13. It continued to fall on Wednesday morning, losing 164.2 points to hit 23,859.93.

The S&P 500 (INDEXSP:.INX) subsided 35.73 points, closing Tuesday at 2,634.56. It slipped further on Wednesday morning as it dropped 19.25 points to hit 2,615.31.

Industrial and technology stocks brought down Wall Street’s biggest indexes yesterday, as Facebook (NASDAQ:FB), 3M (NYSE:MMM), Caterpillar (NYSE:CAT) and Alphabet (NASDAQ:GOOGL) all dropped over 3.5 percent. 3M brought the Dow’s heaviest hit after it lowered its 2018 earnings forecast.

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

Daily metals

Gold regained some energy at Tuesday’s close when it reached US$1,333 per ounce. It took a plunge on Wednesday morning, however, as it hit US$1,323.40. Silver stayed smooth and steady at US$16.78 per ounce on Tuesday. The precious metal slipped up on Wednesday when it reached US$16.61.

Copper cooled from Tuesday’s highs when it closed at US$3.16 per pound. The metal kept things stable on Wednesday morning as it remained at US$3.16.

Major miner news

  • Barrick Gold: Barrick Gold announced its dividend for the quarter, consisting of US$0.03 per share. It will be payable on June 15 to shareholders on record as of May 31, 2018.
  • Newmont Mining (NYSE:NEM): The company also announced its quarterly dividend, consisting of $0.14 per share. It will be payable on June 21 to shareholders on record as of June 7, 2018.
  • Capstone Mining (TSX:CS): Capstone Mining announced its financial results for Q1 2018. Highlights include net income from continuing operations of US$10.3 million, production of 15,152 tonnes of payable copper and revenue of US$103.7 million, generated primarily from copper sales.

Don’t forget to follow us @INN_Resource for real-time updates!

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

 

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