Canadian Stocks Gain, Yields Fall to Record Low After Rate Cut
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.