Markets Spend Monday Morning Recovering
Morning Market Breakdown, April 9: After Friday’s close left all major markets in the red, Monday morning’s gains brought solace to the indexes.
The S&P/TSX Composite Index (INDEXTSI:OSPTX) took a slip and fell 148.64 points on Friday (April 6), landing at 15,207.41 to close the week.
Monday (April 9) morning saw the index resurrect itself as it picked up 60.74 points to hit 15,268.15.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) trembled on Friday as it dropped 1.41 points to close at 769.15. It made a small recovery on Monday as it grabbed 1.08 points to climb to 770.23.
Drops in cannabis stocks brought down the Canadian indexes, as Canopy Growth (TSX:WEED) fell 2.8 percent and Aphria (TSX:APH) dropped 6.4 percent. Meanwhile, energy stocks also suffered on Friday as Imperial Oil (TSX:IMO) lost 2 percent and Cenovus Energy (TSX:CVE) dropped 1.4 percent. Gold was the only TSX subgroup that finished in the green that day, up a mere 0.8 percent.
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The Dow Jones Industrial Average (INDEXDJX:.DJI) fell flat on Friday, sinking 572.46 points to hit 23,932.76. Monday morning gave the market a boost forward, however, as the Dow gained 221.26 points to rise to 24,154.02.
The S&P 500 (INDEXSP:.INX) also stumbled to close Friday, shedding 58.37 points to reach 2,604.47. It bounced back on Monday morning, gaining 22.47 points to reach 2,626.94.
Boeing (NYSE:BA) and Caterpillar (NYSE:CAT) both fell over 3 percent on Friday, making them the Dow’s worst performers. The industrial sector struggled the most on the S&P, as US Treasury Secretary Steven Mnuchin addressed the possibility of a trade war between China and the US.
Note: All numbers shown above were accurate as of 10:00 a.m. EST.
Daily metals
Gold closed on a high note at US$1,336.10 per ounce on Friday, but Monday morning saw gold slip to US$1,332.47. As for silver, the precious metal lost its Friday highs when it closed at US$16.36 per ounce; it picked some speed back up on Monday when it reached US$16.41.
Copper kept a steady pace on Friday as it closed at US$3.05 per pound. It made small moves forward on Monday morning as it reached US$3.06.
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Major miner news
- Sabina Gold & Silver (TSX:SBB): Sabina reported further positive results from its Llama extension, which is part of the Goose property in Nunavut. “Drill hole 18GSE530 which intersected, 15.67g/t Au over 23.25 m, including 32.56 g/t Au over 10.30 m (using a 100g/t cutoff for higher grade assays), in altered and mineralized iron formation,” a statement says.
- Endeavour Silver (TSX:EDR,NYSE:EXK): Endeavour announced first-quarter production results from its three silver-gold mines in Mexico. Its silver production increased 25 percent to 1,350,840 ounces, while its gold production increased 13 percent to 13,208 ounces; both of those stats are compared with 2017 Q1 results.
- Coeur Mining (NYSE:CDE): The company announced its Q1 production results for 2018, reporting production of 3.2 million ounces of silver and 85,383 ounces of gold. Coeur is maintaining its full-year production expectation of 36 to 39.4 million silver equivalent ounces.
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Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.
