Although the S&P/TSX Composite Index was off to a slow start this week, trading at 19,996.23 points on Monday, the index gained over 200 points by Wednesday on the heels of Prime Minister Justin Trudeau’s September 20 re-election.
The S&P/TSX Composite Index is up 0.99 per cent to 20,445.22 as of 12:06 pm ET.
The Canadian dollar also rose 0.2 per cent on Tuesday to 78.17 cents US, and appears to be continuing the steady upward trend. According to a recent article by Bloomberg, the loonie had been trending downward in recent weeks amidst uncertainty about the election.
Now, Canadians are ready to move forward from this election and continue the process of economic recovery after an unprecedented year of lockdowns and restrictions across the country.
This upward trend can be seen across Canadian markets, including the TSX Venture Exchange and the Canadian Securities Exchange.
The TSXV Composite Index was up 0.91 per cent today to 876.49, while the CSE was up 2.0 per cent to 662.43 points as of 12:15 pm ET.
Canadian bond yields remain largely unmoved by the election results. According to the Bank of Canada, the 2-year, 5-year, 7-year, and 10-year bond yields remained unchanged on Tuesday compared to the previous day.
On Monday, the Bank of Canada announced its Government Bond Purchase Program (GBPP) operations for the two-week period beginning September 27, 2021.
Gold prices have fallen 1.21 per cent over the last five days to US$1,772.70 per ounce.
Market movers
Technology companies were in the front seat in market news, with new announcements from medical technology companies Defence Therapeutics and Aurora Spine, followed by cannabis and mining news.
On Monday, biotechnology company Defence Therapeutics (DTC) announced the development of a second-generation COVID vaccine, AccuVAC-IN002.
Aurora Spine Corporation (ASG), a medical technology developer, closed its $6.5 million private placement.
TransCanna (TCAN) has completed its first harvest of cannabis flower at its Daly Facility, marking a major milestone for the company.
Labrador Gold (LAB) sampled up to 338 g/t Au in a new discovery at Golden Glove, part of the Kingsway project near Gander, Newfoundland.
The Market Herald Deal Room covered the capital raises of several mining companies this week, including Thunderstruck Resources, ALX Resources, Unigold, and P2 Gold.
