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    Morning Market Breakdown, March 26: Markets Slowly Bounce Back

    Olivia Da Silva
    Mar. 26, 2018 07:30AM PST
    Resource Investing News
    Resource Investing

    Although major markets saw some significant losses on Friday, Monday morning was a breath of fresh air as the indexes made their way back to green.

    Despite Friday (March 23) morning’s optimism, the S&P/TSX Composite Index (INDEXTSI:OSPTX) lost 176.19 points to end the week at 15,223.74.

    Monday (March 26) morning saw some recovery on the index as it gained 101.67 points to reach 15,325.41.

    The S&P/TSX Venture Composite Index (INDEXTSI:JX) barely managed to close in the green on Friday as it rallied 0.72 points to close at 817.8. It continued its slow progress into the green on Monday morning, rising to 818.81.

    News of Canadian inflation hitting a three-year high in February hurt the financial sector on Friday, with Callidus Capital (TSX:CBL) falling 5.9 percent and Royal Bank (TSX:RY) dropping 1.4 percent. Nine of the TSX subgroups finished the week in red, with industrials slipping 1.3 percent and information technology fumbling 1.4 percent.

    Friday saw the Dow Jones Industrial Average (INDEXDJX:.DJI) continue to grapple with a possible trade war between China and the US as it plunged 424.6 points to close at 23,533.2, landing in correction territory. Monday morning it saw considerable gains, picking up 466.7 points to rise to 23,999.9.

    The S&P 500 (INDEXSP:.INX) also took a hit on Friday when it lost 55.43 points to close at 2,588.26. The market bounced back on Monday morning, picking up 46.72 points to reach 2,634.98.

    American markets have been reeling since US President Donald Trump ordered $50 billion in tariffs on Chinese goods, creating hesitation among investors. DowDuPont (NYSE:DWDP) proved to be the biggest drag on the Dow, while the S&P lost traction as financials fell 3 percent.

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

    Daily metals

    Gold finished on a high note on Friday when it closed at US$1,347.08 per ounce. It kept its stride on Monday morning as it reached US$1,353. Silver cooled off Friday to close at US$16.56 per ounce. It bounced back on Monday morning as it hit US$16.73.

    Copper slipped below the US$3-per-pound mark on Friday when it closed at US$2.99. The commodity kept things steady on Monday morning when it remained at US$2.99.

    Major miner news

    • First Quantum Minerals (TSX:FM): The company confirmed on Monday that it is in the process of returning workers to its Cobre Panama project site. The return-to-work process, set to take place over the next two to three weeks, follows industrial action that took place at the site in mid-March.
    • Vedanta Resources (LSE:VED): Protesters gathered in India and in London outside the home of Vedanta Resources’ founder to stand against a copper smelter being constructed by Sterlite Copper in Thoothukudi, India. Sterlite, a subsidiary of Vedanta, has previously faced major penalties for its operations, and had to pay a $15-million fine in 2013 for polluting land and water in India.

    Don’t forget to follow us @INN_Resource for real-time updates!

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

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