Markets Rebound Back Into Green

- April 26th, 2018

Morning Market Breakdown, April 26: After a tumultuous Wednesday for some major indexes, both Bay Street and Wall Street glided into the green on Thursday.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) made moves in the right direction on Wednesday (April 25) when it gained 32.75 points to close at 15,509.75.

The index continued upwards on Thursday (April 26) morning as it picked up 71.84 points to hit 15,581.59.

The S&P/TSX Venture Composite Index (INDEXTSI:JX) tripped and fell at Wednesday’s close, dropping 5.45 points along the way to hit 783.79. It started to pick itself back up on Thursday morning as it gained 0.99 points to reach 784.78.

Boosts in the energy sector brought Bay Street ahead, as Cenovus Energy (TSX:CVE,NYSE:CVE) picked up 5 percent, Imperial Oil (TSX:IMO,NYSEAMERICAN:IMO) gained 2.5 percent and Canadian Natural Resources (TSX:CNQ,NYSE:CNQ) grew 1.8 percent.

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Losses in the materials space, which fell 0.5 percent as a whole, heeled the TSX’s gains, as Teck Resources (TSX:TECK.B,NYSE:TCK) dropped 2.8 percent and First Quantum Minerals shedded (TSX:FM) 4 percent.

Despite a rough start, the Dow Jones Industrial Average (INDEXDJX:.DJI) rallied on Wednesday to gain 59.7 points and reach 24,083.83. Thursday morning saw the Dow soar 130.74 points to hit 24,214.57.

The S&P 500 (INDEXSP:.INX) also shifted out of the red on Wednesday to close 4.84 points higher at 2,639.4. The index pushed further ahead on Thursday as it grew 12.71 points to reach 2,652.11.

After a tumultuous day on the market, Wall Street squeezed into the green by Wednesday’s close when Boeing (NYSE:BA) picked up a gain of 4.2 percent after announcing quarterly profits that toppled analysts’ predictions. The indexes had been dragged back earlier in the day by a drop in Twitter (NYSE:TWTR), which fell 2.4 percent when the company said it expected revenue growth to slow down.

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

Daily metals

Gold cut its losses by Wednesday’s close as it ended at US$1,322.80 per ounce. It spent Thursday morning wavering as it hovered at US$1,322.50. Silver met a fate similar when it closed at US$16.57 per ounce on Wednesday. The precious metal hesitated on Thursday when it stayed at US$16.57.

Copper took a small dip on Wednesday when it closed at US$3.15 per pound. It struggled for gains on Thursday morning as it maintained its stance at US$3.15.

Major miner news

  • Goldcorp (TSX:G,NYSE:GG): The company reported its first-quarter results for 2018, with net earnings of $67 million compared to 2017’s Q1 net earnings of $170 million. Goldcorp also produced 590,000 ounces of gold at all-in sustaining costs of $810 per ounce.
  • Goldcorp: The company also provided an update on its 2018 exploration program, including highlights such as 7.47 meters at 121.75 g/t gold and 275.2 g/t silver from the Cerro Negro project in Argentina.
  • Newmont Mining (NYSE:NEM): The company announced its Q1 results for 2018, with highlights including EBITDA of $644 million, up 12 percent from Q1 2017, and the production of 1.21 million ounces of gold.

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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