Stocks Hail Earnings, Jump Triple-Digits
Air Canada, Wheaton in Forecast Equities in Canada’s largest market opened higher on Friday as material stocks rose tracking gold prices, which were set for their best week in six months on lower dollar and Treasury yields.
The TSX leaped 140.44 points to open the week’s last session at 19,431.42.
The Canadian dollar tailed off 0.07 cents to 82.20 cents U.S.
Cenovus Energy swung to a first-quarter profit from the previous three-month period, as global crude recovered on the back of easing COVID-19 restrictions and vaccine rollouts.
Cenovus shares docked nine cents to $9.63.
Air Canada reported its fifth-straight quarterly loss despite securing a $5.9-billion government aid package, as rising coronavirus infections in parts of the world and travel restrictions limited traffic. The Maple Leaf Airline sprouted wings and flew 24 cents, or 1%, to $24.40.
TSX Scores Big by Noon Hour
Jobless Rates Surprise Canada s main stock index rose on Friday, boosted by material stocks after gold prices gained, although a fall in energy stocks limited gains.
The TSX stretched higher 148.2 points to move into noon hour EDT Friday at 19,439.18.
The Canadian dollar surged 0.14 cents to 82.40 cents U.S.
Pipeline operator TC Energy regained 11 cents to $61.90, after the company swung to a loss in the first quarter, hit by $2.2-billion impairment charges related to the suspension of its Keystone XL pipeline project.
Tilray jumped $3.16, or 18.4%, to $20.33, after Jefferies upgraded the stock.
OceanaGold rose 34 cents, or 15.6% to $2.49.
Stocks were solidly out of the red by the close of business on Wednesday, lifted straight up by gains in the energy field.
The TSX vaulted 122.71 points to close Wednesday at 19,310.74
The Canadian dollar hiked 0.22 cents to 81.52 cents U.S. .
May 8, 2021 | Trading Desk Notes For May 8, 2021
Victor Adair Victor Adair, author of The Trading Desk Notes, began trading penny mining shares while attending the University of Victoria in 1970. He worked in the mining business in Canada and the Western United States for the next several years and also founded a precious metals trading company in 1974.
He became a commodity broker in 1977 and a stock broker in 1978. Between 1977 and his retirement from the brokerage business in 2020 Victor held a number of trading, analytical and senior management roles in Canada and the USA.
Victor started writing market analysis in the late 1970’s and became a widely followed currency analyst in 1983. He started doing frequent media interviews in the early 1980’s and started speaking at financial conferences in the 1990’s. He actively trades his own accounts from The Trading Desk on Vancouver Island. His personal website is www.VictorAdair.ca.