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Canada Stocks Recover More Than 160 Pts From Early Lows, But Still Close Down 90 Pts Friday

10/30/2020 | 03:10pm

04:10 PM EDT, 10/30/2020 (MT Newswires) -- Canada's main stock market, the Toronto Stock Exchange, on Friday recovered from an early session low of 15,418.46, but still lost another near 90 points at 15,580 on concerns around a second wave of the COVID-19 pandemic -- and the impact that might have on economic recoveries -- and also on uncertainties around the US Presidential Election on Tuesday.

End of month settlements may have also weighed on proceedings, with the overall TSX itself losing 3.5% in October. Among sectors, Financials lost 2.5% and Energy 4.7% in the month.

Action Economics noted fixed income was unable to capitalize on the stock market's woes, as investors headed for the exits in front of the hefty event risk next week that is Tuesday's U.S. election. GoC yields rose alongside Treasuries, climbing 0.7 to 2.8 bps in a curve steepening trade. USD-CAD was steady at 1.3323 even as WTI crude oil slumped. In data, Canada GDP expanded 1.2% in August, a bit better than expected, after the 3.1% climb in July.

Of commodities, West Texas Intermediate (WTI) crude oil fell to a five-month on Friday with the market remaining pessimistic as demand weakens on rising coronavirus infections and new lockdown measures in Europe, even as supply continues to rise. WTI for December delivery closed down $0.38 to US$35.79 per barrel, Marketwatch reported, the first close under US$36 since June 1. December Brent crude, the global benchmark, was last seen down $0.20 to US$37.45 while Western Canada Select was down $0.86 to US$25.39 per barrel.

Meanwhile, gold ended higher on Friday, recovering some ground following three-straight losing sessions, even as the U.S. dollar rose while investors shed risk ahead of the final weekend before the U.S. election. Gold for December delivery closed up $11.90 to US$1,879.90 in Comex trade.

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