Morning Market Breakdown, March 8: Markets Inch Back to Green

- March 8th, 2018

After a hard Wednesday in the marketplace, both Canadian and American indexes slowly crept back into the green on Thursday morning.

Wednesday (March 7) proved to be a tough day on the market for the S&P/TSX Composite Index (INDEXTSI:OSPTX), which fell 72.58 points to land at 15,472.61 by close.

The index picked up speed on Thursday (March 8) morning, however, as it reached 15,518.73 by 10:00 a.m. EST.

The S&P/TSX Venture Composite Index (INDEXTSI:JX) took a hit on Wednesday as well, dropping 11.63 points to close at 831.94. It made its best efforts to get into the green on Thursday morning, climbing slightly as the day began to reach 833.52.

Meanwhile, the Dow Jones Industrial Average (INDEXDJX:.DJI) opened and closed in the red on Wednesday when it dropped 82.76 points to close at 24,801.36. Thursday morning saw a boost when it gained 41.9 points to hit 24,843.26 by 10:00 a.m. EST.

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Despite an up-and-down Wednesday for the S&P 500 (INDEXSP:.INX), the index managed to minimize its losses, sinking 1.32 points to close at 2,726.8. The S&P enjoyed a small win on Thursday morning when it reached 2,729.06.

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

Daily metals

Gold fell from its early week success on Wednesday to close at US$1,324.50 an ounce. The yellow metal hit another snag on Thursday when it fell to US$1,321.46 by 10:00 a.m. EST. Silver also simmered down on Wednesday to end at US$16.43 an ounce, but made small progress when it grew to US$16.46 by 10:00 a.m. EST on Thursday.

Copper stabilized on Wednesday, closing at US$3.13 a pound, but tumbled to US$3.08 by 10:00 a.m. EST on Thursday.

Major miner news

  • Santacruz Silver Mining (TSX:SCZ): Impulsora Minera Santacruz, a wholly owned subsidiary of Santacruz Silver Mining, has set up a US$2.3-million loan from a private Bolivian mining company. The proceeds will go towards reducing the company’s trade payables balance, and in turn will improve operations at its Rosario and Veta Grande projects.
  • Franco Nevada (TSX:FNV,NYSE:FNV): The company has released its Q4 and annual results for 2017, which it says are record breaking. Some highlights include US$675 million in revenue and 497,745 gold equivalent ounces sold in 2017.

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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