Thursday Gains Simmer on Friday Morning

- April 27th, 2018

Morning Market Breakdown, April 27: After strong Thursday results for both American and Canadian indexes, Friday morning proved to be a bit quieter.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) pushed upwards on Thursday (April 26) when it gained 127.84 points to close at 15,637.59.

It continued to grow on Friday (April 27) morning as it picked up 16.9 points to hit 15,654.49.

The S&P/TSX Venture Composite Index (INDEXTSI:JX) slipped from its early gains on Thursday and dropped 0.74 points by close, ending the day at 783.05. The index tried to stay in the green on Friday morning when it rose 0.63 points to reach 783.68.

Bay Street found strength from tech and financial stocks on Thursday. The finance sector grew 1.1 percent as TD Bank (TSX:TD) and the Bank of Nova Scotia (TSX:BNS) both picked up 1.2 percent.

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Stantec (TSX:STN) was the biggest gainer yesterday at 3.9 percent as it initiated a strategic review of MWH Constructors, a construction services provider that’s part of the company.

The Dow Jones Industrial Average (INDEXDJX:.DJI) ended Thursday on a high note at 24,322.34 points, with a gain of 238.51 points. Friday morning saw the Dow slip 18.49 points to hit 24,303.85.

The S&P 500 (INDEXSP:.INX) boosted 27.54 points on Thursday to close at 2,666.94. It made slow but steady movement into the green on Friday morning as it gained 1.58 points to get to 2,668.52.

Strong quarterly results from big-name stocks helped push major US indexes forward on Thursday, as Facebook (NASDAQ:FB) shot up 9.1 percent and Chipotle Mexican Grill (NYSE:CMG) skyrocketed almost 25 percent after profits flew past expectations. Advanced Micro Devices (NASDAQ:AMD) also grew almost 14 percent after posting stronger earnings than predicted.

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

Daily metals

Gold slipped up by Thursday’s close when it landed at US$1,317.9 per ounce. Friday morning saw small gains when it grew to US$1,321.50. Silver saw minimal losses when it fell to US$16.56 per ounce on Thursday. It continued to gradually slip on Friday as it dropped to US$16.52.

Copper felt a small struggle on Thursday as it landed at US$3.14 per pound. The metal took a nasty fall on Friday morning as it dropped to US$3.07.

Major miner news

  • Nevsun Resources (TSX:NSU,NYSE:NSU): The company announced its Q1 financial results for 2018. Highlights include the production of 71.6 million pounds of zinc and 8.9 million pounds of copper at the Bisha mine, along with a cash balance increase from US$125 million to US$150 million.
  • Eldorado Gold (TSX:ELD,NYSE:EGO): The company announced its financial and operating results for 2018’s first quarter. Highlights include the production of 89,374 ounces of gold compared with 2017’s Q1 results of 75,172 ounces, and gold revenues of US$115.4 million.
  • Agnico Eagle Mines (TSX:AEM,NYSE:AEM): Agnico Eagle Mines reported its Q1 results from 2018. Highlights include the production of 389,278 ounces of gold. The company’s projects in Nunavut are progressing “on schedule and on budget.”

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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