RY 161.2 -1.8509% SHOP 138.97 -5.2176% TD 86.42 -0.9967% ENB 63.565 0.1024% BN 74.36 -4.0145% TRI 244.82 -0.9027% CNQ 43.695 -1.3211% CP 100.11 -2.4269% CNR 140.04 -1.8641% BMO 137.15 -1.267% BNS 68.325 -1.2645% CSU 4591.96 -1.5043% CM 80.13 -2.3043% MFC 44.03 -1.1672% ATD 69.99 -0.5683% NGT 68.92 -0.4478% TRP 68.76 -0.5064% SU 54.77 -0.9405% WCN 276.03 -0.4867% L 197.94 0.7226%
Image Source : Krish Capital Pty Ltd
Index Update: The Canadian market ended notably lower on Thursday, with its benchmark S&P/TSX Composite Index falling to a four-and-a-half-month low, as rising concerns about global economic growth due to the trade war triggered heavy selling at several counters from across various sectors. The S&P/TSX Composite Index closed down 220.11 points or 0.9% at 24,203.23, nearly 60 points off the day's low of 24,145.59.
Macro Update: After U.S. President Donald Trump slapped new tariffs on steel and aluminum exported by Canada into the U.S., the Canadian government announced retaliatory tariffs on $29.8 billion of U.S. goods.
Top Movers: Shares of First Quantum Minerals Ltd zoomed 14.4% after Panama authorized the sale of copper concentrate at the company's shuttered Cobre Panama mine. First Majestic Silver, Birchcliff Energy, Algoma Steel, Novagold, Orla Mining and B2Gold Corp climbed 6 to 9.3%.
Our Stance: The index remains below its 21-period Simple Moving Average (SMA), reinforcing the prevailing downtrend and indicating sustained selling pressure. Momentum indicators suggest a cautious outlook. The key support level to watch is 24,100, aligning with a critical horizontal trendline. Holding above this level may provide a foundation for stabilization and potential recovery. However, a break below could accelerate losses, with further downside targets at 23,900 and 23,700.
Commodity Update: The U.S. dollar strengthened on Friday as the euro pulled back from a five-month high, amid rising global trade tensions and fears of a potential economic downturn. In commodities, gold increased 0.21% to $2,997.60, silver gained 0.71% to $34.55, and copper rose 0.69% to $9,819.20. Brent crude climbed 0.40% to $70.60, bolstered by tighter U.S. sanctions on Iranian oil and shipping. However, oil was set for weekly losses due to concerns over oversupply, as Russia-Ukraine ceasefire talks and trade tensions added pressure on the market.
Technical Update: On Thursday, the S&P/TSX Composite Index declined by 220.11 points, or 0.90%, closing at 24,203.23. The downturn was primarily driven by weakness in the technology sector, which fell 3.23%, weighing heavily on overall market sentiment. The index remains below its 21-period Simple Moving Average (SMA), reinforcing the prevailing downtrend and indicating sustained selling pressure. Momentum indicators suggest a cautious outlook, with the Relative Strength Index (RSI) at 35.94, approaching oversold territory. While this could signal a short-term rebound, downside risks persist. The key support level to watch is 24,100, aligning with a critical horizontal trendline. Holding above this level may provide a foundation for stabilization and potential recovery. However, a break below could accelerate losses, with further downside targets at 23,900 and 23,700.
The advice given by Kalkine Canada Advisory Services Inc. and provided on this website is general information only and it does not take into account your investment objectives, financial situation and the particular needs of any particular person. You should therefore consider whether the advice is appropriate to your investment objectives, financial situation and needs before acting upon it. You should seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) as necessary before acting on any advice. Not all investments are appropriate for all people. The website www.kalkine.ca is published by Kalkine Canada Advisory Services Inc. The link to our Terms & Conditions has been provided please go through them. On the date of publishing this report (mentioned on the website), employees and/or associates of Kalkine do not hold positions in any of the stocks covered on the website. These stocks can change any time and readers of the reports should not consider these stocks as advice or recommendations later.
CA
AU
UK
US
NZ
IND
Please wait processing your request...