Major Indexes Shift Back to Green

The S&P/TSX Composite Index (INDEXTSI:OSPTX) skidded to its close on Wednesday (March 28) as it dropped 46.24 points to end the day at 15,169.94. Thursday (March 29) morning saw a 84.48-point recovery to reach 15,254.42.

The S&P/TSX Venture Composite Index (INDEXTSI:JX) struggled to stay afloat on Wednesday, ultimately closing the day at 784.22 with a 18.61-point loss. The TSXV rose 6.28 points on Thursday to reach 790.50.

Gold dragged down the indexes yesterday as major miners saw significant share drops, with First Quantum Minerals (TSX:FM) down 8.1 percent, Turquoise Hill Resources (TSX:TRQ) down 7 percent, and Ivanhoe Mines (TSX:IVN) down 8.2 percent.

The Dow Jones Industrial Average (INDEXDJX:.DJI) saw a gentle loss on Wednesday, as the index dropped 9.29 points to close at 23,848.42. The market picked up speed on Thursday morning however, as it gained 102.30 points to reach 23,950.72

The S&P 500 (INDEXSP:.INX) lost its early day gains when it dropped 7.62 points to close at 2,605 on Wednesday. The index picked up 7.53 points to hit 2,612.53 points on Thursday.

Despite gains in healthcare and consumer staples, losses in Amazon (NASDAQ:AMZN) shares and the tech sector brought Wall Street into the red yesterday. Amazon closed the day with a 4.4 percent loss — reaching 6.7 percent at its lowest point in the day — after U.S. President Donald Trump slammed the company for its business practices and the amount of taxes it pays.

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

Daily metals

Gold continued to slide as it fell to US$1,325 per ounce on Wednesday. It dropped further on Thursday morning as it landed at US$1,323.12. Silver lost its traction when it flattened to US$16.29 per ounce on Wednesday. It gasped for air on Thursday morning as it hit US$16.28.

Copper inched forward on Wednesday when it closed at US$3.00 per pound. It regained some strength on Thursday morning when it rose to US$3.03.

Major miner news

• Barrick Gold (TSX:ABX): Barrick Gold’s founder and chairman Peter Munk passed away yesterday at the age of 90. Munk, who founded Barrick in 1983, went on to become one of Canada’s most notable entrepreneurs and philanthropists.

• Nevsun Resources (TSX:NSU): Nevsun released the results of a pre-feasibility study for its Timok Upper Zone copper-gold project in Serbia. Some highlights include a ten-year mine life to produce over 1.7 billion pounds of payable copper, and an initial probable mineral reserve of 27 million tonnes at 3.3% copper and 2.1 grams per tonne gold.

• Glencore (LSE:GLEN):The company has announced the refinancing of its short-term revolving credit facilities, effective May 24, 2018. Initially launched at US$6 billion, the company has opted to increase the size of the facilities to US$9.08 billion due to a “stronger commodity price environment”.

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