The outlook for the Canadian Stock Market for Wednesday was for the TSX Composite Index to move lower and close down. By the end of the day, the TSX Composite Index was sitting at a two week low pushed there by falling resource and financial stocks.
TSX Composite Index Falls 75.68 Points
The TSX Composite Index fell again on Wednesday losing 75.68 points for a drop of 0.55% to close at 13,632.00. The Canadian Stock Market however, closed above the important 13600 support level. You can see in the 5 day chart below the two support levels currently in play on the TSX Composite Index. Presently 13800 is acting as resistance with 13600 attempting to support the TSX.
Canadian Stocks In The News
A number of factors are influencing investors presently. Today’s trade deficit set a record high which worried investors as low commodity prices, in particular oil, obviously are impacting the trade balance especially between Canada and the United States. That combined with wildfires in Fort McMurray that shut down oil production has investors sitting on the sidelines.
Aside from energy stocks such as Suncor which dropped 2.2 percent to close at $34.18, mining and metals stocks also fell. These included Barrick Gold Stock which was down 3.6 percent to $22.48 and First Quantum Minerals which fell 8 percent to close at $9.29.
Canadian National Railway Stock fell 2.1 percent to close at $75.93. Canadian Bank Stocks fell again on Wednesday with Bank Of Nova Scotia Stock fell the most with a 1.3 percent decline to close at $62.61.
On the bright side, Maple Leaf Foods Stock rose 6.8 percent to close at $28.03 after reporting better-than-expected quarterly profits……..the rest of the Canadian Stock Market Outlook for Tomorrow is for members.
TSX Composite Index – Canadian Stock Market Outlook for May 5 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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