Morning Market Breakdown, February 28: Markets Shift Back to Green

The S&P/TSX Composite Index (INDEXTSI:OSPTX) took a loss on Tuesday (February 27), closing at 15,671.15, a 43.51-point fall.

Wednesday morning (February 28) opened on a stronger note as the index regained 52.46 points, starting the day at 15,723.61.

Some of the red the TSX saw Tuesday came from struggling gold and healthcare stocks, as Barrick Gold (TSX:ABX), which fell 3.3 percent to $14.97, and Goldcorp (TSX:G), which lost 1.2 percent to come in at $16. On the healthcare front, Aurora Cannabis (TSX:ACB) fell 2.1 percent to $9.95, while Aphria (TSX:APH) dropped 3.6 percent to $12.45.

The S&P/TSX Venture Composite Index (INDEXTSI:JX) also took a hit on Tuesday, as it closed at 815.18, an 11.69-point drop. The index made minimal movement at Wednesday’s open, jumping a mere 0.61 points to 815.79.

Cooling off after consecutive days of gains was the Dow Jones Industrial Average (INDEXDJX:.DJI), which lost 299.24 points to close at 25,410.03 on Tuesday. However, the Dow gained some momentum Wednesday morning when it opened at 25,485.15, a 75.12-point head start to the day.

The S&P 500 (INDEXSP:.INX) closed in the red on Tuesday with a 35.32-point drop, ending the day at 2,744.28 points. Wednesday morning saw a small boost as the S&P gained 9.5 points to open at 2,753.78.

Daily metals

Gold had an especially tough day on Tuesday, as prices fell to US$1,318.60 an ounce by close, a US$13.20 drop. Wednesday morning didn’t see much movement, as prices sat around US$1,318.56 by 10:00 a.m. EST. Silver also had a hard day on the market when it closed at US$16.35 an ounce. It jumped back to the green on Wednesday morning, however, sitting at US$16.45 by 10:00 a.m. EST.

Copper stayed stagnant on Tuesday, closing at US$3.16 per pound. It took a small slip on Wednesday, as it hit $3.13 per pound at 10:00 a.m. EST.

Major miner news

• IAMGOLD (TSX:IMG,NYSE:IAG): The company announced Wednesday morning that it has completed 97 more diamond drill holes at its Saramacca project, 25 kilometers away from its Rosebel goldmine in Suriname.

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