Financial and industrial stocks helped the S&P/TSX Composite Index close smoothly on Wednesday, and hit the ground running Thursday morning.
The S&P/TSX Composite Index (INDEXTSI:OSPTX) finished strong on Wednesday (February 21), closing at 15,524.01, 84.57 points higher than Tuesday’s close. Thursday (February 22) morning saw a positive start, as the day kicked off with a 73.17-point jump to 15,597.18.
The boost in Wednesday’s numbers was due to stronger financial and industrial stocks, as both Power Financial (TSX:PWF) and the Canadian Imperial Bank of Commerce (TSX:CM) gained 1.4 percent, which put them at $33.44 and $116.49, respectively. Conifex Timber (TSX:CFF) also picked up a 6.1-percent increase, and settled the day at $6.62.
As for the S&P/TSX Venture Composite Index (INDEXTSI:JX), Wednesday brought a minor loss as it dropped 4.75 points to 820.07. Thursday morning proved to be more fruitful, as the day opened at 831.76, 11.69 points higher than Wednesday’s close.
The Dow Jones Industrial Average (INDEXDJX:.DJI) had a strong start on Wednesday, but the market took a hit with a loss of 166.97 points, ending the day at 24,797.78. This loss was partially due to concerns about rising interest rates after the release of the most recent US Federal Reserve minutes. The market regained some strength on Thursday morning with a 143.15-point boost, jumping to 24,940.43.
The S&P 500 (INDEXSP:.INX) took a small tumble on Wednesday as it dropped 14.93 points and finished the day at 2,701.33. Thursday morning was gentler on the market, as it was able to pick up 11.2 points and boost to 2,712.53.
While the gold price settled at US$1,326.80 an ounce by end of day Wednesday, Thursday morning saw a small jump as the price went up to US$1,329.13 by 10:00 a.m. EST. On the silver front, Wednesday closed at US$16.50 an ounce, with a minor increase by Thursday morning to rest at US$16.60.
Copper prices closed at US$3.19 per pound on Wednesday, but grew to US$3.20 Thursday morning.
Major miner news
- Barrick Gold (TSX:ABX,NYSE:ABX): Barrick Gold announced plans to “maximize long-term value” from its gold operations and projects. These projects include Lagunas Norte and Turquoise Ridge, which are estimated to produce over 4 million ounces of gold annually between 2023 and 2027.
- Newmont Mining (NYSE:NEM): Q4 and full-year results have been released by Newmont Mining, which states that it produced 5.3 million ounces of gold in 2017, up 8 percent from the year before.
- IAMGOLD (TSX:IMG,NYSE:IAG): 2017 gross profits of $152.9 million is one of the highlights mentioned in a recent press release from IAMGOLD. The release discusses the company’s year-end and Q4 results, and also mentions its 86-percent increase in gold reserves, pushing them to 14.5 million ounces.
- Taseko Mines (TSX:TKO): Full-year and Q4 results have been put out by Taseko Mines, with some annual highlights including cashflow from operations of $211.1 million, $33.9 million higher than 2016.
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Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.