Markets Rise as Commodities Fall

The S&P/TSX Composite Index (INDEXTSI:OSPTX) grew 31.34 points on Friday (April 27) to finish the day at 15,668. It continued to shimmy forward on Monday (April 30) morning as it gathered 15.61 points to reach 15,684.54.

The S&P/TSX Venture Composite Index (INDEXTSI:JX) picked up 0.71 points by close, ending the day at 783.76. The index continued to make gradual progress on Monday morning as it grew 0.92 points to hit 784.68.

Despite an early end to Friday’s trading on the TSX due to technical problems, consumer staples and financials brought the index forward. Loblaws (TSX:L) grew 0.7 percent while Saputo (TSX:SAP) picked up 0.47 percent. Meanwhile, Royal Bank of Canada (TSX:RY) gained 1 percent and Bank of Nova Scotia (TSX:BNS) boosted 0.73 percent.

The Dow Jones Industrial Average (INDEXDJX:.DJI) flopped by Friday’s close when it dropped 11.15 points to end the day at 24,311.19. The index skyrocketed on Monday morning with gains of 125.78 points to hit 24,456.97.

The S&P 500 (INDEXSP:.INX) embraced the green with a 2.97-point gain on Friday, capping the week at 2,669.91. Leaping forward on Monday morning, it picked up 9.36 points to reach 2,679.27.

The tech sector saw strength on Friday spurred by Amazon’s (NASDAQ:AMZN) gains of 3.6 percent, but was eventually dragged down to a 0.3 percent loss as a whole as shares in Apple (NASDAQ:AAPL), Netflix (NASDAQ:NFLX) and Alphabet (NASDAQ:GOOG) all saw red.

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

Daily metals

Gold made progress on Friday as it ended the day at US$1,323.4 per ounce. It fell quickly on Monday however, when it dropped to US$1,312.3. Silver hit a snag on Friday when it closed at US$16.50 per ounce. It fell further on Monday morning when it reached US$16.25.

Copper ended Friday in the red at US$3.07 per pound. It wavered on Monday morning as it hovered at US$3.07.

Major miner news

• Pan American Silver (TSX:PAAS,NASDAQ:PAAS): As of April 24, operations have been suspended at the company’s Huaron mine in Peru. The suspension is being attributed to road blockades set up by members of the nearby Huayllay community, who have demanded compensation for alleged impacts to community land.

• Glencore (LSE:GLEN): Two of Glencore’s subsidiaries, Mutanda Mining Sarl and Kamoto Copper Company, have been served freezing orders in the Democratic Republic of the Congo for $695 million and US$2.28 billion respectively. Served by Ventora Development Sasu, the company alleges that both KCC and Mutanda breached agreements in which they were to pay royalties to Ventora.

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