Markets rally after weak start
On Tuesday, the TSX returned to business following a public holiday and posted a gain of 0.34% to flirt with new highs. Consumer staples, telcos and energy flexed their muscles while real estate sagged. Big gainers included Cardinal Energy, leaping 7.64%, Canfor by 6.31% and Crescent Point Energy up 5.48%.
In contrast, Bausch Health tanked by 9.23% after announcing it was spinning off its medical division and not selling it as investors had hoped. The company did deliver a decent quarter. Also losing ground were Lithium Americas which closed at -5.32% and Cineplex at -4.72%. The Canadian dollar lost 0.26% to stay below 80 cents against the USD. By the closing bell, the price of WTI slipped nearly 1% and WCS more than 1% to nearly $56 per barrel.
American stocks staged a comeback by the closing bell after trading negative before lunch. The Dow finished 0.8% higher, the S&P 0.82% at a record high, and the Nasdaq 0.55%. Worries over the Delta variant in weakly vaccinated hotspots continue to weight on investors’ minds, but earnings remain strong. Most of the Dow components were in the green, especially health. Pfizer rallied nearly 4% and Eli Lilly was close behind at 3.81%. Energy was also a winner with Pioneer Natural leaping 7.84% and Diamondback Energy nearly 5%. The big news of the day was the Chinese government latest crackdown, this time on videogames. Tencent dipped 3%. Even American gamer, Activision Blizzard, fell 3.54%. Tech gainers included AMD, popping 3.62%.
🛢 Cardinal Energy Ltd +7.64%
🌲 Canfor Corp +6.31%
🛢 Crescent Point Energy Corp +5.48%
👨⚕️ Bausch Health Companies Inc. -9.23%
🥈 Lithium Americas Corp -5.32%
🎞 Cineplex Inc -4.72%
💉 Pfizer Inc +4%
💊 Eli Lilly & Co. +3.81%
🛢 Pioneer Natural Resources +7.84%
🛢 Diamondback Energy +5%
🎮 Tencent Holdings Ltd -3%
🎮 Activision Blizzard -3.54%
💾 Advanced Micro Devices +3.62%