Market Update

October 28, 2020

Latest market wrap
The close: Surge in virus cases sends stocks tumbling; TSX has worst day since early June

Mark Lennihan/The Associated Press

The close: Surge in virus cases sends stocks tumbling; TSX has worst day since early June
World stock markets went into a dive Wednesday as soaring COVID-19 cases and a resurgence in lockdown measures sent investors running for safer ground, just days before a U.S. presidential election that promises more volatility to come.
Canada’s benchmark stock index, along with the S&P 500 and the Dow Jones industrial average, suffered their worst daily percentage decline since June 11. Oil plunged more than 5 per cent, and even gold shed value. Traders diverted money flows from riskier assets into the perceived safety of the U.S. dollar, which in turn pressured commodities that are priced in the currency.
Twelve U.S. states set records for hospitalized COVID-19 patients on Tuesday, while Germany and France announced plans to shut large swathes of public life for a month as the pandemic surged across Europe. Benchmark stock indexes in the two European nations fell 4.17 per cent and 3.37 per cent, respectively.
“There is a feeling in the markets that governments are not in control of the pandemic and that is why traders are running scared,” David Madden, market analyst with CMC Markets UK, said in a note. “The number of new covid-19 cases is rising at an alarming rate and the increase in the hospitalization rate is a worry too.”
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Top Gainers
Ticker Company Last
HUV-T Betapro Sp500 VIX ST Ftrs ETF $50.03 6.21
HGD-T Betapro CDN Gold Miners 2X Dly Bear ETF $8.36 0.77
HZD-T Betapro Silver 2X Daily Bear ETF $3.65 0.30
FN-T First National Financial Corp $38.20 2.98
HQD-T Betapro Nasdaq 100 2X Daily Bear ETF $6.84 0.50
HED-T Betapro S&P TSX Cap Engy 2X Dly Bear ETF $14.18 0.98
HSD-T Betapro Sp500 2X Daily Bear ETF $7.39 0.49
PBL-T Pollard Banknote Limited $19.80 1.01
HOD-T Betapro Crude Oil 2X Daily Bear ETF $10.77 0.55
HXD-T Betapro S&P TSX 60 2X Daily Bear ETF $14.64 0.70

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