Markets edge up post-Thanksgiving
Valid only until tuesday December 1st.
It was another day of light trading, as expected after American Thanksgiving, but tech names moved up Friday. The Nasdaq gained 0.92 before Wall Street closed at 1:00 pm. The Dow, S&P and TSX enjoyed more modest gains around a quarter-percent or less. Though the number of Covid cases continues to climb on both sides of the border, investors this week were encouraged by good news about Astrazeneca’s vaccine and by U.S. President-Elect Joe Biden naming former, dovish Fed Chair Janet Yellen to his cabinet. Another driver was the hope of a stimulus deal, especially now that Biden is fully transitioning to power. The Nasdaq gained 3% for the week, proving the tech trade is not yet dead.
In Toronto, cannabis continued its hot streak with Aurora, Medipharm and Organigram being the TSX’s top three gainers, posting big gains between 11-18%. The recovery endured as Cineplex rose another 9.17%. However, gold lost some of its lustre as Barrick closed -2.64%, and the price of the shiny rock tumbled below US$1,800/ounce. Meanwhile, the price of WCS bounded ahead 4% as many oil stock saw gains of 1-3%, such as Vermilion at 2.9%. Energy and tech were the strongest sectors in Toronto, while real estate and materials lost some ground. Overall, the TSX enjoyed a healthy week, staying above 17,000 and gaining 2.2%.
🚗 Blink Charging Co. +10.76%
🌿 Aphria Inc +10.27%
🌿 Aurora Cannabis +17.94%
🌿 Medipharm Labs Corp +13.21%
🌿 Organigram Holdings +11.11%
🎞 Cineplex Inc +9.17%
🥇 Barrick Gold -2.64%
🛢 Vermilion Energy Inc +2.90%