Canadian Stocks Gain, Yields Fall to Record Low After Rate Cut
(Bloomberg) -- Canadian stocks rose after the Bank of Canada cut its benchmark interest rate by 50 basis points and said it'll act again if necessary. Government bond yields fell to a record low.
The S&P/TSX Composite Index rose 1.3% to 16,632.48 at 10:14 a.m. in Toronto. Tech stocks led the gain, adding 2.3%, followed by rate-sensitive stocks including utilities and real estate. The energy sector also gained with oil prices as Saudia Arabia pushed for a deeper output cut.
In early trading, 191 of 230 shares rose, while 36 fell; all sectors were higher.
Terminal users can read more in our markets live blog.
Commodities
- Western Canada Select crude oil traded at a $13.50 discount to West Texas Intermediate
- Spot gold slid 0.3% to $1,640.20 an ounce
FX/Bonds
- The Canadian dollar weakened 0.1% to C$1.3396 per U.S. dollar
- The 10-year government bond yield tumbled 7 basis points to 0.89%, a record low
| Sector Name | Index Points Move | % Change | Adv/Dec |
|---|---|---|---|
| Financials | 33.0301 | 0.6 | 24/2 |
| Energy | 26.4018 | 1.0 | 27/3 |
| Information Technology | 14.5274 | 1.4 | 9/1 |
| Industrials | 13.7942 | 0.7 | 20/11 |
| Utilities | 12.2526 | 1.4 | 16/0 |
| Communication Services | 11.0098 | 1.2 | 6/1 |
| Real Estate | 8.7303 | 1.4 | 25/0 |
| Consumer Staples | 8.4340 | 1.3 | 10/1 |
| Health Care | 0.4909 | 0.3 | 8/2 |
| Consumer Discretionary | 0.4735 | 0.1 | 13/3 |
| Materials | -1.2408 | -0.1 | 25/22 |
To see other sector information, click here.
| Top Contributors | Index Points Move | % Change | Volume VS 20D AVG (%) | YTD Change (%) |
|---|---|---|---|---|
| Brookfield Asset Management | 15.0600 | 2.8 | 50.8 | 12.1 |
| Enbridge | 10.8000 | 1.5 | -46.1 | -0.3 |
| TC Energy | 9.9740 | 2.1 | 33.9 | 5.0 |
| Bausch Health | -0.9750 | -1.4 | -27.0 | -21.9 |
| Wheaton Precious Metals | -1.1460 | -0.9 | -12.8 | 4.9 |
| Barrick Gold | -1.7710 | -0.5 | 11.1 | 14.1 |
| Biggest Gainers | % Change | Index Points Move | Volume VS 20D AVG (%) | YTD Change (%) |
|---|---|---|---|---|
| Semafo | 4.9 | 0.3330 | 130.7 | 11.5 |
| Freehold Royalties | 4.2 | 0.1650 | 94.8 | -14.0 |
| Real Matters | 4.0 | 0.2990 | -20.6 | 15.3 |
| Biggest Losers | % Change | Index Points Move | Volume VS 20D AVG (%) | YTD Change (%) |
|---|---|---|---|---|
| Winpak | -8.0 | -0.8040 | 1,056.2 | -9.5 |
| MAG Silver | -3.9 | -0.2680 | 101.5 | -18.8 |
| Torex Gold Resources | -3.2 | -0.3640 | -51.4 | -12.6 |
For a full list of how stocks have performed, click here.
Related News headlines:
- U.S. Stocks Gain on Stimulus Hopes, Biden Surprise: Markets Wrap
- Aecon, Baytex, IGM, Semafo, TransAlta, Winpak: Canada Pre-Market
To contact the reporter on this story: Kristine Owram in New York at kowram@bloomberg.net
To contact the editors responsible for this story: Courtney Dentch at cdentch1@bloomberg.net, Steven Fromm
©2020 Bloomberg L.P.
-
The Economic Imperative: Analysing The Material Driving Force Behind India-Canada Strategic Reset
This economic complementarity is further reinforced by deep institutional investment ties and talent mobility, which form the bedrock of the bilateral framework.
-
Medicine Pricing: Where Must Profit Stop?
India must confront excessive margins, hidden incentives and regulatory gaps that threaten the integrity of medicine.
-
Why Amazon And Flipkart Are Struggling To Beat Meesho In India's Smaller Cities
With 274 million users and lowest-cost logistics, Meesho is defending its value commerce crown against giants like Amazon and Flipkart.
-
High US Salaries, No Green Card Certainty: The Financial Calculation Facing Indian H-1B Families
The suspension of PERM processing at eight technology employers does not cancel existing H-1B visas. What it does is force a question many Indian families have been avoiding: is the US salary worth tying your career and family plans to one employer?
-
Swiggy vs Eternal: Food Delivery's Two Rivals Are No Longer In The Same Race
Eternal is building a private AI assistant, dark.ai. Swiggy is still working out how to make Instamart pay, with an operating loss of Rs 895 crore in the July-September quarter while Blinkit stayed profitable.
-
Where You Live Shapes How You Get To Work | The Reason Why
Two-wheelers are the most popular way to get to work in India, accounting for nearly 43% of workplace commutes.
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
