The Canadian Press
Printed Friday, July 24, 2020 5:44PM EDT
Final Up to date Friday, July 24, 2020 5:45PM EDT
TORONTO – North American stock markets closed the week with a down day on Friday regardless of gold costs briefly surpassing US$1,900 per ounce for the primary time since 2011.
In Toronto, the S&P/TSX composite index closed down 21.59 factors at 15,997.06.
For the week, it was off by 124.42 factors, ending a run of three consecutive weekly beneficial properties.
“We’re going through earnings season so there are a lot of results out right now and what we’re getting is a mix of numbers,” stated Colin Cieszynski, chief market strategist at SIA Wealth Administration.
“We’re kind of in the middle of some profit taking, some bargain hunting, some rotation between sectors,” he stated.
“It’s a very different kind of market than what we’ve been used to the last couple of years. It’s not one where everything’s going up or everything’s going down. It’s back into being more of a stock picker’s market.”
Supplies shone brightest amongst sectors buying and selling in Toronto because the August gold contract closed up US$7.50 at US$1,897.50 an oz, tantalizingly near the report US$1,1120 per ounce set in 2011.
Yamana Gold Inc. stock rose 9.29 per cent, or 72 cents, to $8.47 on Friday after the corporate hiked its dividend and advised it might improve its manufacturing steerage for 2020.
Wheaton Treasured Metals Corp. was up 5.62 per cent, or $3.83, to $71.93 and Lundin Gold Inc. rose 4.36 per cent, or 51 cents, to $12.22.
The September crude contract was up 22 cents at US$41.29 per barrel.
Cieszynski stated the market is starting to simply accept a stabilized price close to US$40 after excessive volatility attributable to the pandemic lockdowns of the previous few months.
Two oilsands producers who reported earnings earlier this week have been among the many most lively. Suncor Power Inc. fell 62 cents to $23.13 and Cenovus Power Inc. rose seven cents to $6.73.
The September pure gasoline contract was up 3.2 cents at practically US$1.87 per mmBTU.
Utilities have been the worst performing sector on the day, with Brookfield Renewable Companions LP off by $2.26 to $71.04 and TransAlta Corp. down 24 cents to $8.44.
The September copper contract was down 4.6 cents at about US$2.89 a pound.
South of the border, the tech sector weighed down all three main U.S. stock averages for the second day in a row as tensions continued to rise between the world’s two largest economies.
On Friday, China ordered the US to shut its consulate within the western metropolis of Chengdu, in obvious response to the Trump administration ordering Beijing earlier this week to shut its consulate in Houston.
In New York, the Dow Jones industrial common was down 182.44 factors at 26,469.89.
The S&P 500 index was down 20.03 factors at 3,215.63, whereas the Nasdaq composite was down 98.24 factors at 10,363.18.
The Canadian greenback traded for 74.51 US in contrast with 74.67 on Thursday.
“We could continue to see the market consolidate and trend sideways for the next several weeks as we work our way through earnings reports. That will take us to the latter part of August,” stated Cieszynski.
He stated he expects political conventions and different information regarding U.S. presidential election campaigns will then begin to have higher sway within the markets.
This report by The Canadian Press was first revealed July 24, 2020.