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Morning Market Breakdown, March 13: American Markets Bounce Back
Mar. 13, 2018 09:00AM PST
Resource Investing
Monday was a hard day for American markets as aluminum and steel tariffs were officially implemented by US President Donald Trump.
Monday (March 12) was a day of mild success for the S&P/TSX Composite Index (INDEXTSI:OSPTX), which closed at 15,604.79, a 26.98-point boost.
The index continued to grow on Tuesday (March 13) morning, reaching 15,666.26 by 10:00 a.m. EST.
Taking another small hit on Monday was the S&P/TSX Venture Composite Index (INDEXTSI:JX), which dropped 1.2 points to close at 827.7. It regained strength going into Tuesday morning to hit 829.75 points.
The Dow Jones Industrial Average (INDEXDJX:.DJI) fell 157.13 points on Monday after US President Donald’s Trump’s tariffs on aluminum and steel imports went into effect, closing at 25,178.61. Tuesday morning it picked up some gains, however, rising to 25,326.85 points.
Though the S&P 500 (INDEXSP:.INX) had a promising start on Monday, it eventually closed at 2,783.02 points for a 3.55-point loss. The S&P got back in the right direction on Tuesday morning when it rose to 2,795.93 points.
Note: All numbers shown above were accurate as of 10:00 a.m. EST.
Daily metals prices
Gold bounced back from an initially tough Monday to close at US$1,323.43 per ounce. By 10:00 a.m. EST on Tuesday, it had reached US$1,326.03. Silver also made a Monday comeback, ending at US$16.54 an ounce, and continued to grow into Tuesday to hit US$16.59 by 10:00 a.m. EST.
Copper took a tumble on Monday as it closed at US$3.09 per pound. By 10:00 a.m. EST on Tuesday, it had jumped back to US$3.14.
Major miner news
- Sabina Gold & Silver (TSX:SBB): The company announced its Q4 and year-end financial results for 2017. Highlights include receiving a final project certificate from the Nunavut Impact Review Board; it will allow the company to continue taking its Back River project through the licensing phase. Sabina also received a $62.1-million investment from Zhaojin International Mining.
- Antofagasta (LSE:ANTO): The copper company announced its 2017 preliminary results, which include an EBITDA increase of 59 percent to $2.6 billion. Due to the company’s performance, it will now bring its full-year dividend to 50.9 cents a share, a 177-percent increase from 2016.
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Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.