Rising oil, mixed stocks

Melisa R. H. Posted On September 5, 2023

The trading week after Labour Day began with the price of crude oil rallying after Saudi Arabia and Russia announced further production cuts. WTI jumped by 1.4% to around $86.75. Energy was, by far, the strongest sector on the TSX and one of the few positive spots as the TSX closed -0.56%. Materials, utilities and financial led declines.

Tuesday’s major movers included Tilray up 4.49%, the Bank of Nova Scotia -1.48%, Nexgen Energy 5.85%, Laurentian Bank 5.02% and First Quantum Minerals -5.85%.

The picture was more mixed on Wall Street where the Nasdaq was flat, down six points, the S&P added 0.39% but the Dow sank 0.53%. Key names included Tesla up 4.87%, American Airlines -2.55%, Illumina -5.35%, Occidental 2.49% and Oracle up 2.51%. The U.S. 10-year yield inched up to 4.274% while Bitcoin gave back 0.4% to $25,700. Volumes were approaching their norms, while volatility was relatively low.

🌿 Tilray Inc. (TLRY-Q) +4.49%

🏛 Bank of Nova Scotia (BNS-T) -1.48%

⚡ NexGen Energy (NXE-T) +5.85%

🏛 Laurentian Bank (LB-T) +5.02%

⛏ First Quantum Minerals (FM-T) -5.85%

🚗 Tesla Inc (TSLA-Q) +4.87%

🛫 American Airlines Group (AAL-Q) -2.55%

🧫 Illumina Inc. (ILMN-Q) -5.35%

🛢 Occidental Petroleum Corp (OXY-N) +2.49%

💻 Oracle (ORCL-N) +2.51%

🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -0.4%