Indexes See Mild Movement in Green

Resource Investing News
Resource Investing

Morning Market Breakdown, May 9: After a last minute rally on Tuesday, the major indexes spent Wednesday morning slowly pushing ahead.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) rallied by Tuesday’s (May 8) close to gain 34.08 points and end the day at 15,842.71. Wednesday (May 9) morning saw similar strength as it gained 33.13 points to reach 15,875.84.

The S&P/TSX Venture Composite Index (INDEXTSI:JX) slipped 3.74 points on Tuesday to 770.82. The index continued to slide on Wednesday morning as it dropped 0.86 points to land at 769.96.

Healthcare and tech stocks led the TSX ahead yesterday, as Valeant Pharmaceuticals (TSX:VRX) grew 9.4 percent amongst rumors of a company name change to Bausch Health Companies. Meanwhile, BlackBerry (TSX:BB) gained 1.6 percent and Constellation Software (TSX:CSU) vantaged 0.46 percent. Nevsun Resources (TSX:NSU) was the TSX’s biggest gainer yesterday however, as it skyrocketed 16.6 percent after turning down a $1.5 billion acquisition proposal from Lundin (TSX:LUN) and Euro Sun (TSX:ESM).

The Dow Jones Industrial Average (INDEXDJX:.DJI) made minimal progress on Tuesday with gains of 2.89 points, ending the day at 24,360.21. It continued its gradual pace forward on Wednesday morning as it picked up 25.8 points to hit 24,386.01.

The S&P 500 (INDEXSP:.INX) skidded 0.91 points on Tuesday to 2,671.92. The index regained some energy on Wednesday morning as it bloomed 6.18 points ahead to 2,678.1.

Utilities were the S&P’s weakest link yesterday, as they dropped 2.5 percent, with the runner-up being telecoms, down 1.3 percent. On the Dow, J.P. Morgan Chase (NYSE:JPM) was the best-performing stock with gains of 1.5 percent. Meanwhile, Comcast (NASDAQ:CMCSA) dropped 5.5 percent after reports surfaced that the company was planning to bid for most shares of 21st Century Fox (NASDAQ:FOXA).

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

Daily metals

Gold recovered from Tuesday’s lows as it closed at US$1,313.7 per ounce. It inched forward on Wednesday morning as it grew to US$1,314.2. Silver made a comeback on Tuesday as it closed at US$16.47 per ounce. The precious metal grew upwards on Wednesday, reaching US$16.61.

Copper fought against the tide on Tuesday as it managed to close at US$3.06 per pound. The commodity kept things steady on Wednesday as it hovered at US$3.06.

Major miner news

  • Kinross Gold (TSX:K,NYSE:KGC): The company has announced its Q1 results for 2018, which includes highlights such as revenue of US$897.2 million compared to Q1 2017’s revenue of $796.1 million. Kinross also produced 653,937 gold equivalent ounces this quarter, and saw an operating cash flow of US$293.5 million.
  • Barrick Gold (TSX:ABX): Barrick has made a US$38 million investment in Midas Gold by acquiring over 46 million common shares of the company. The transaction, expected to close by May 15, will give Barrick 19.9 percent ownership of Midas’ outstanding common shares.
  • Turquoise Hill (TSX:TRQ): Turquoise Hill has announced its financial results and operational review for Q1 2018. Some highlights include an income of US$79.7 million compared to Q1 2017’s US$29.7 million, and the production of 38,800 tonnes of copper and 42,000 ounces of gold from the company’s Oyu Tolgoi mine in Mongolia.

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.

The Conversation (0)