The Canadian Stock Market on Tuesday April 26 traded within a tight range. By the close of the day the index was higher by just 13.45 points.
TSX Composite Index Rises 13.45 Points
The TSX Composite Index Chart opened at 13,821.40, drifted lower to 13,792.98 and then rose to 13,862.36. By late morning the index was trading around the 13,840 valuation and then began to drift lower. By the close the TSX Composite Index was at 13,809.44.
Canadian National Railway Stock (CNR)
One stock that had its worst day in years was Canadian National Railway Stock. This stock trades under the symbol CNR. Despite beating quarterly earnings estimates to the upside, Canadian National Railway cut their guidance for the remainder of 2016 citing less coal and oil shipments as low commodity prices continue to plague their bottom line. At one point the stock fell to $76.68 down over 7%, before eventually closing at $78.57 for a loss of 5.07% and $4.20.
Despite the plunge in the stock, it failed to reach the longer-term support levels of $74 and $72. The drop was quickly picked up by investors and with 3 times the normal daily volume it was obvious that large investors like pension funds were behind much of the buying.
The chart above also indicates that for those investors……the rest of the Canadian Stock Market Outlook for Tomorrow is for members.
TSX Composite Index – Canadian Stock Market Outlook for April 27 2016
FullyInformed Members can log in through this link to read the latest Canadian Stock Market Outlook for tomorrow for the TSX Composite Index or they can sign in to the full members site here. Non-members can join here or review the benefits of a membership.
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