Indexes Begin Gradual Recovery

- May 16th, 2018

Morning Market Breakdown, May 16: After a hard day on the market for both commodities and major indexes, Wednesday morning saw slow but steady progress being made.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) narrowly slid into the green on Tuesday (May 15), closing at 16,097.81 with gains of 12.2 points. The index made gradual moves ahead on Wednesday (May 16) morning as it picked up 11.78 points to hit 16,109.59.

The S&P/TSX Venture Composite Index (INDEXTSI:JX) tumbled 9.28 points on Tuesday to end the day at 781.03. It slipped further on Wednesday morning as it dropped 1.35 points to 779.68.

While the TSX just barely broke even yesterday, it was held back by drops in gold, down 1.7 percent, and materials, down 0.7 percent. Barrick Gold (TSX:ABX) and Goldcorp (TSX:G) dropped 1.9 percent and 1.6 percent respectively, while in materials, Agnico Eagle Mines (TSX:AEM) fell 2.1 percent as Teck Resources (TSX:TECK.B) lost 0.5 percent.

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The Dow Jones Industrial Average (INDEXDJX:.DJI) took a nasty fall on Tuesday, shedding 193 points to 24,706.41 by close. It made recovery efforts on Wednesday morning as it grew 41.24 points to 24,747.65.

The S&P 500 (INDEXSP:.INX) slipped 18.68 points on Tuesday to cap the day at 2,711.45. Wednesday morning saw the index pick up 7.52 points to hit 2,718.97.

Losses in healthcare and real estate stocks dragged down the S&P yesterday, as the sectors fell 1.3 percent and 1.7 percent respectively. Meanwhile, on the Dow, Home Depot (NYSE:HD) proved to be one of the index’s biggest losers, as the company dropped 1.6 percent after announcing disappointing quarterly sales.

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

Daily metals

Gold slumped by Tuesday’s close as it hit US$1,290.3 per ounce. It made minor progress on Wednesday morning when it grew to US$1,290.5. Silver regained minimal strength but still saw a major decline on Tuesday, closing at US$16.27 per ounce. The precious metal pushed ahead on Wednesday morning as it reached US$16.31.

Copper settled in the red by Tuesday’s close at US$3.05 per pound. It took a step in the right direction on Wednesday morning as it moved up to US$3.06.

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Major miner news

  • MAG Silver (TSX,NYSE:MAG): The company announced its financial results for Q1 2018, which included highlights such as underground work on its Juanicipio project in Mexico reaching its highest development rate to date during Q1.
  • Vedanta Resources (LSE:VED): Vedanta has appointed Deshnee Naidoo to the position of CEO, Africa base metals, to oversee the company’s operations in Zambia, South Africa, Namibia and Tasmania.

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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