In case you missed it, here is this week’s resource big news roundup.
Drones launched by Yemen’s Houthi rebels attacked the world’s largest oil processing facility in Saudi Arabia and an additional oilfield on Saturday, putting the global energy supply at risk. Energy stocks have subsequently been bumping the S&P/TSX Composite Index (INDEXTSI:OSPTX) up to record highs this week in the aftermath of the attacks. Tensions in the Middle East also helped push gold prices higher, and palladium hit a record peak due to short supply. The index got another boost when the US Federal Reserve announced their second interest rate cut for the year.
As for the S&P/TSX Venture Composite Index (INDEXTSI:JX), it was on a downward trend for most of the week. The index received a quick bump on Wednesday when the interest rates cuts in the US were announced. The index is set to finish the week on the rise. All of the 12 Toronto subgroups were up this morning except one, healthcare shares dropped 0.9 percent lower today. Leading the way for the gainers is gold at a one percent gain, followed by information and consumer discretionary stocks, which are both up by 0.9 percent.
In case you missed it, here is this week’s resource big news roundup:
- Livent Corporation to Contribute up to US$ 5.5 Million to Advance E3 Metals’ Direct Lithium Extraction Process on the Alberta Lithium Project
- OG DNA Genetics Inc. and Generic Gold Corp. Announce Definitive Agreement
- Silver Spruce Receives Drill Permit for Cocula Gold Project