Highlights:
- Equities Have Post-Vote Jump Wednesday
- Gold, Energy Soar, Utilities Wilt
- Stocks in North America, particularly in Toronto, staged a rally Wednesday, a day after a stunning victory in the race for the White House by Donald Trump over Hillary Clinton.
- The S&P/TSX Composite stayed positive 103.07 points to close Wednesday at 14,759.91
- The Canadian dollar trimmed 0.61 cents, to 74.64 cents U.S.
- Gold stocks fared especially well, Kinross Gold leading the parade, up 12 cents, or 2.3%, to $5.32, and Iamgold, adding eight cents, or 1.4%, to $5.79.
- Energy stocks pushed upward, too, as EnCana Corporation gathered 48 cents, or 3.5%, to $14.21, while Baytex Energy climbed 16 cents, or 3.1%, to $5.32.
- The tech sector also benefited from the general good vibes, as BlackBerry added eight cents to $9.54.
- But there were negatives, too, as utilities went south, primarily Enbridge, down 16 cents to $56.93, while Fortis Inc. dropped 54 cents, or 1.3%, to $42.56.
ON BAYSTREET:
- The TSX Venture Exchange faltered 3.65 points to 753.20
- Seven of the 12 TSX subgroups were positive, with gold shining 2.3% brighter, energy chugging along 2%, and information technology up 1.9%.
- The five laggards were weighed most by utilities, down 1.4%, consumer discretionary, off 1%, and real-estate, down 0.8%.
ON WALLSTREET
- U.S. stocks surged more than 1% Wednesday with financials and health-care leading after Republican Donald Trump won the presidential election, defying market expectations for a Hillary Clinton win.
- The Dow Jones Industrials accelerated 256.95 points, or 1.4%, to 18,589.69, with Pfizer leading advancers and Coca-Cola the top decliner.
- The S&P 500 gained 23.7 points, or 1.1%, at 2,163.26, with financials leading six sectors higher and utilities lagging.
- The NASDAQ composite index bolted higher 57.58 points, or 1.1%, to 5,251.07
- Trade volume Wednesday was the highest since the surprise U.K. vote to leave the European Union in June.
- Trump shocked the world by beating Clinton in the race for the White House. Trump’s success was only part of a larger, crushing victory for the Republican Party, which retained the House and appeared poised to maintain Senate control.
- Investors also began adding exposure to health-care and defense stocks, both of which saw significant pressure heading into the election, since Clinton was the favourite to win.
- Prices for the 10-year Treasury collapsed, sending yields sharply upward to 2.08% from Tuesday’s 1.87%. Treasury prices and yields move in opposite directions.
- Oil prices stayed positive 49 cents to $45.47 U.S. a barrel
- Gold prices moved upward 70 cents to $1,275.20 U.S. an ounce.
