Commodities prices continue to slip, but the markets are doing their best to rally forward after rough closes on Thursday.
The S&P/TSX Composite Index (INDEXTSI:OSPTX) got a small boost at close on Thursday (March 15), landing at 15,670.62, a 17.01-point gain.
The index shot out of the gate on Friday (March 16) morning when it picked up 66.5 points, hitting 15,737.12.
Barely squeezing into the green was the S&P/TSX Venture Composite Index (INDEXTSI:JX), which closed at 828.08 on Thursday, a 0.8-point gain. It slowly trudged forward on Friday morning with a gain of 0.32 points, reaching 828.4.
The TSX got a boost on Thursday from Magna International (TSX:MG), as the auto parts maker picked up 7 percent following the news that it will be partnering with US ride-share service Lyft. The company said it will be investing $200 million in Lyft and will help make driverless cars for the service.
Thursday brought the Dow Jones Industrial Average (INDEXDJX:.DJI) some much-needed positivity as it picked up 115.54 points to close at 24,873.66. It kept going strong on Friday morning, gaining 83.09 points to hit 24,956.75 by 10:00 a.m. EST.
The S&P 500 (INDEXSP:.INX) tripped and fell on the way to Thursday’s close as it lost 2.15 points and finished at 2,747.33. Friday morning got a headstart with a 10-point gain, hitting 2,757.33.
Despite a 0.3-percent percent gain in industrials, the S&P suffered as a result of losses in materials. This comes following ongoing concerns from investors regarding a potential trade war.
Note: All numbers shown above were accurate as of 10:00 a.m. EST.
Gold had a tough Thursday on the market, closing at US$1,316.43 an ounce. Friday morning continued the commodity’s slippery slope as it dropped to US$1,312.73. Silver had a rough end of day as well, finishing at US$16.40 an ounce. It continued to fall on Friday morning when it hit US$16.34.
Copper called it a day on Thursday when it closed at US$3.12 per pound. By 10:00 a.m. EST on Thursday, it had slipped further to US$3.11.
Major miner news
- Kinross Gold (TSX:K,NYSE:KGC): The company has adopted a new shareholder rights plan, set to take effect as of March 29, 2018. The new plan features amendments made to better suit the legislative framework governing takeover bids in Canada, which was updated in 2016. Some of the new plan’s changes include a minimum 10-day extension after a minimum tender requirement is met, along with lengthening the minimum bid period to 105 days (vs. the previous 35 days).
- Fortuna Silver Mines (TSX:FVI,NYSE:FSM): Fortuna Silver Mines announced its consolidated Q4 and annual financial results for 2017. Highlights include annual sales of $268.1 million, compared to 2016’s $210.3 million, EBITDA margins of 46 percent and a net income of $34.1 million in Q4 alone.
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Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.