Morning Market Breakdown, March 14: Canadian Markets Staying Strong

Tuesday (March 13) was a positive day for the S&P/TSX Composite Index (INDEXTSI:OSPTX), which closed at 15,647.14, a 42.35-point gain.

The index continued to grow on Wednesday (March 14) morning when it jumped 49.22 points to 15,696.36.

The S&P/TSX Venture Composite Index (INDEXTSI:JX) also finished Tuesday off in the green, gaining 1.35 points to close at 829.05. Wednesday morning it kept going strong as it picked up 1.64 points to reach 830.69.

Although the Dow Jones Industrial Average (INDEXDJX:.DJI) had a strong start on Tuesday, it eventually closed in the red with a 171.58-point drop, hitting 25,007.03. It picked up some traction on Wednesday morning when it rose to 25,060.01, a 52.98-bonus.

The S&P 500 (INDEXSP:.INX), which also started Tuesday in the green, fell to the red by close as it hit 2,765.31, a 17.71-point fall. Wednesday morning saw the S&P try to bounce back, increasing 7.13 points to hit 2,772.44.

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

Daily metals

Gold stayed stagnant on Tuesday, closing at US$1,326.13 an ounce. By Wednesday morning, it fell slightly to US$1,323.80. Silver also plateaued on Tuesday to end at US$16.59 an ounce. Wednesday morning it took a small tumble and hit US$16.57.

Copper regained some strength on Tuesday when it closed at US$3.12 per pound. By 10:00 a.m. EST on Wednesday, the red metal had increased to US$3.18.

Major miner news

• First Quantum Minerals (TSX:FM): The company announced Wednesday that it was experiencing industrial action at its Cobre Panama project. The action, which has reduced work levels on the project, was started by a “small number” of employees and outside union leadership late last week.

• First Majestic Silver (TSX:FR,NYSE:AG): Shareholders have approved a transaction that will entail First Majestic Silver acquiring all the outstanding shares of Primero Mining (TSX:P). The transaction, set to close by the end of April, will add Primero’s San Dimas mine in Mexico to First Majestic’s roster, while allowing Primero shareholders to maintain their investments in the mine.

• Sabina Gold & Silver (TSX:SBB): Sabina Gold & Silver announced its acquisition of a Type B Water License from the Nunavut Water Board. The license is key in allowing Sabina to complete pre-construction infrastructure development for its Back River gold project in Nunavut.

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