Canada Stocks Lose 225 Pts; BNN Cites Biggest Winners and Losers Over Last Two Months

Monday, October 26, 2020 4:16 PM | MT Newswires

Canada's main stock market, the Toronto Stock Exchange. closed Monday down near 225 points or 1.4% at 16,080 -- albeit 90 points above mid-afternoon lows -- with no concrete signs of a fresh stimulus bill in the United States, Canada's largest trading partner, and also on the prospect of economic shutdowns and more hardships amid rising COVID-19 cases globally.

Also, Action Economics noted, earnings have come in mixed, and this week is the busiest in terms of announcements in the current earnings season. AE noted bond yields were 0.2 to 2.7 bps lower in a bull flattener and USD-CAD tested 1.3200 as WTI crude oil fell.

In a bit of nostalgia for the good times, BNN Bloomberg TV on Monday afternoon highlighted the individual winners since the TSX hit a post-lockdown peak exactly two months ago, on August 26. Canada Goose (GOOS.TO) was up 38%, Methanex (MX.TO) up 37%, New Gold (NGD.TO) up 36%, Genworth (MIC.TO) up 23% and Cargojet up 21%.

No surprises though from BNN's recap on the not-so-good times, with resources companies dominating the list of losers over the same period since August 26, with Enerplus (ERF.TO) down 31%, Vermilion (VET.TO) down 35%, MEG Energy (MEG.TO) down 37%, Oceanagold (OGC.TO) down 41% and Aurora Cannabis (ACB.TO) down 53%.

Of commodities, West Texas Intermediate (WTI) crude oil ended at the lowest in more than three weeks as new coronavirus cases surge in the United States and elsewhere, cutting demand even as Libya looks to raise output to one-million barrels per day as it continues to restore production lost to a civil war. WTI crude for December delivery closed down $1.29 to US$38.56 per barrel, Marketwatch reported, the lowest since Oct.2. December Brent crude, the global benchmark was last seen down $1.33 to US$40.44, while Western Canada Select was down $2.07 to US$27.26 per barrel.

Meanwhile, gold edged up on Monday as investors bid down stocks amid a new wave of Covid-19 infections and the apparent failure of talks over a new U.S. fiscal stimulus package, offsetting a rise in the U.S. dollar. Gold for December delivery closed up $0.50 to US$1,905.70 per ounce in Comex trade.

Share this article:

'Tis the Season
50% OFF All Subscriptions

InvestorsObserver Premium

You May Also Like