Resource News

Resource Investing

In case you missed it, here is this week’s resource big news roundup.

Equities markets bounced back slightly on Friday morning after recovering much of the early losses in the oil sector. Oil futures such as West Texas intermediate bounced back to around $17 a barrel in the United States after a sudden collapse earlier in the week. South of the border, projections regarding the economic fallout of COVID-19 have been dire, however, a report published Thursday by IHS Markit indicated the unprecedented decline could be “relatively” good news.

“Private sector firms in the U.S. signaled an unprecedented decline in business activity in April, with manufacturing and service sector companies registering marked contractions of output amid the outbreak of coronavirus disease 2019 (COVID-19),” the report stated.

While the full extent of the economic damage from COVID-19 remains to be seen, some analysts are staying optimistic. “Even though the April reading is a record low, it should be viewed as ‘relatively’ good news,” Michael Pearce, senior US economist at Capital Economics told Yahoo Finance via email. The TSX Composite jumped 59.58 Friday morning to open the day at 14,310.67 while the TSX Venture remained steady opening up 4.59 points to hit 461.10 at Friday’s open.

In case you missed it, here is this week’s resource big news roundup:

Precious

Battery

Base

To see our previous resource investing news roundups, click here.

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MARKETS

Markets
TSX20532.18+148.43
TSXV714.66+12.92
DOW32637.19+516.91
S&P 5004057.84+79.11
NASD11740.65+305.91
ASX7105.90-49.30

COMMODITIES

Commodities
Gold1861.24+8.18
Silver22.37+0.34
Copper4.29+0.03
Palladium2042.00+34.00
Platinum959.00+10.00
Oil113.02-1.07
Heating Oil3.81-0.04
Natural Gas8.53-0.36

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