Oil and minerals lift TSX to high
The week began with oil prices surging nearly 4%, due to tensions between Russia and Ukraine and expected higher demand. These tailwinds offset OPEC’s plan to increase oil supply. WTI jumped to US$63.10 a barrel and, along with minerals, lifted the TSX 213 points higher to a record close of 26,388.
The most influential stocks were Suncor, rallying 2.91%, and CNQ up 1.32%. Meanwhile, gold advanced US$92 to US$3,381 to lead minerals sharply higher. Fortuna Mines soared 11.83%, First Majestic Silver jumped 11.22% and Ivanhoe Mines rose 2.73%.
Over the weekend, Trump reignited his trade war by announcing 50% tariffs on steel and aluminum. Whether this will be another TACO moment or a lasting tax is anyone’s guess, but the S&P and Dow sold off for much of the day, closing in the positive only after a late-session rally at 0.41% and 0.008% respectively. The Nasdaq advanced 0.67%. Naturally, American steel and aluminum companies rallied: Nucor 10.1%, Newmont 5.42% and Freeport-McMoRan 4.34%. Meanwhile, Ford tumbled 3.85% and Nvidia rose 1.67%. The U.S. 10-year yield hovered around 4.42% while Bitcoin declined US$200 to US$104,800.
🛢 Suncor Energy Inc (SU-T) +2.91%
🛢 Canadian Natural Rsrcs (CNQ-T) +1.32%
⛏ Fortuna Silver Mines (FVI-T) +11.83%
🥈 First Majestic Silver (AG-N) +11.22%
⛏ Ivanhoe Mines Ltd (IVN-T) +2.73%
⛓ Nucor Corp. (NUE-N) +10.1%
🥇 Newmont Goldcorp (NGT-T) +5.42%
⛏ Freeport McMoran Copper & Gold (FCX-N) +4.34%
🚘 Ford Motor (F-N) -3.85%
💾 NVIDIA Corporation (NVDA-Q) +1.67%
