Sign Up for FREE Daily Energy News
 
BREAKING NEWS:
WEC - Western Engineered Containment
Copper Tip Energy Services
Hazloc Heaters
WEC - Western Engineered Containment
Hazloc Heaters
Copper Tip Energy

Canadian Stocks Rebound on Hopes of Government Stimulus


By Aoyon Ashraf

(Bloomberg) Canadian stocks surged on signs more governments will unleash fiscal stimulus to help counter the impacts of the coronavirus, with energy companies leading the way.

The S&P/TSX Composite Index jumped 3.7% to 15,046.38 at 9:32am in Toronto on Tuesday. All sectors were in the positive territory with energy stocks rising the most, after oil rebounded from its worst loss since 1991 on Monday. The bounce came after Monday’s 10.3% plunge, the biggest decline since the Black Monday crash in 1987.

Canadian stocks rally after worst drop since 1987

The loonie rose marginally, along with government bond yields.

MEG Energy Corp., Secure Energy Services Inc. and Husky Energy Inc. were among the best performing stocks within the benchmark and among energy stocks.

Canadian Finance Minister Bill Morneau said Monday he plans a targeted response to the fallout from the coronavirus and plunging oil prices, laying out a cautious approach to any fiscal stimulus plan to boost the economy.

Commodities

  • Western Canada Select crude oil traded at a $13.35 discount to West Texas Intermediate
  • Spot gold fell 1.2% to $1,660.52 an ounce

FX/Bonds

  • The Canadian dollar rose 0.2% to C$1.3677 per U.S. dollar
  • The 10-year government bond yield climbed about 8 basis points to 0.579%


Share This:



More News Articles


New SHOWCASE Directory Companies

 

Challenger Geomatics
Caliper Inspection
Insight Analytical
CDN Controls
Environmental Mats
DyCat Solutions
Canline Pipeline Solutions
Gemini Fabrication