TSX Finishes Roller-coaster Day in the Green

Financials Jump, Techs Slip


Stocks went up and down like a yo-yo Wednesday, as investors exhibited various attitudes toward more possible economic stimulus from the Bank of Canada.

The S&P/TSX Composite Index survived earlier losses and climbed 123.91 points to end Wednesday’s session at 15,247.43

The Canadian dollar regained 0.07 cents to 72.64 cents U.S.

Financials carried the subgroups going north, as Home Capital Group soared $2.08, or 11.3%, to $20.42, while Equitable Group jumped $4.93, or 7.8%, to $68.43.

Among consumer discretionary issues, MTY Food Group took on $1.72, or 7.5%, to $24.62, while Magna International jumped $2.40, or 4.3%, to $58.75.

Communications gained ground, too, as Corus Entertainment tacked on 17 cents, or 5.5%, to $3.25, while Cineplex added 43 cents, or 3.4%, to $13.09.

Tech issues, however, were beaten up, as Lightspeed POS surrendered $1.77, or 5.1%, to $33.07, while Constellation Software gave up $63.80, or 4%, to $1,537.06.

Gold stocks moved back, as Barrick Gold lost $1.20, or 3.5%, while Alacer Gold dipped 22 cents, or 2.6%, to $8.40.

Health-care stocks also suffered, with Sienna Senior Living subtracting 57 cents, or 5.1%, to $10.55, while HEXO docked five cents, or 5.2%, to 92 cents.

The central bank has slashed its key interest rate three times to a record low of 0.25% since the outbreak started and launched its first ever large-scale bond buying program to alleviate stress in financial markets.


The TSX Venture Exchange added 2.67 points Wednesday to 541.10.

Eight of the 12 TSX subgroups were down on the day, with information technology falling 2.5%, gold, shedding 1.4%, and health-care, in the minus category 1.1%.

The four gainers were led by financials, up 3.1%, consumer discretionary stocks, ahead of Tuesday’s close by 2.1%, and communications, higher by 0.6%.


Stocks rose for a second day on Wednesday as Wall Street grew more optimistic about the economy reopening. Shares of companies that benefit from the economic restart led the way.

The Dow Jones Industrials screamed higher 553.16 points, or 2.2%, to 25,548.27.

The S&P 500 climbed 44.36 points, or 1.5%, to 3,036.13.

The NASDAQ recovered 72.14 points to 9,412.36,

Bank stocks rose broadly. JPMorgan Chase was up 5.8% while Citigroup advanced 8.5%.

Stocks that benefited from people staying at home struggled on Wednesday as investors rotated out of those names. Zoom Video dropped 1.2%. Shopify gave up 2.3%,, Amazon let go of 0.6%, and Teladoc Health fell 1.1%.

On Wednesday, the Mortgage Bankers Association reported a sixth straight weekly rise in mortgage applications. Data released Tuesday showed new home sales in April topped estimates. Sales of new U.S. single-family homes increased by 623,000 last month, beating estimates of 490,000, according to Dow Jones.

Meanwhile, biotech company Novavax said Monday it started the first human study of its experimental coronavirus vaccine.

Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said Wednesday the U.S. could avoid a second wave of coronavirus later this year.

Prices for the 10-Year Treasury sagged, raising yields to Tuesday’s 0.69%. Treasury prices and yields move in opposite directions.

Oil prices dropped $1.47 to $32.88 U.S. a barrel.

Gold prices docked $1.90 to $1,726.30 U.S. an ounce.