CAPITAL MARKETS

Markets hit fresh highs on talk of US-China talks

Reports of the US and China agreeing to continue phase-one trade talks has boosted markets and base metals.

Staff reporter
 Fresnillo’s Saucito silver operation in Mexico

Fresnillo’s Saucito silver operation in Mexico

The S&P/TSX Composite Index and the three key US indices edged up to finish at new record closing highs.

The TSX had hit an all-time high of 17,048.47 intraday on Monday before closing at 17,032.86 then closed 0.017% higher yesterday at 17,036.

The S&P500 gained 0.22% to finish at 3,140.52 points.

Australasian and European markets were mixed yesterday.

Mexico-focused precious metals producer Fresnillo (LSE: FRES) was the standout performer on the London Stock Exchange's FTSE100, gaining 6.78% yesterday as it climbs off 52-week lows.

On the other side of the pond, Silvercorp Metals  (TSX: SVM) hit a 52-week high, rising 7% on no news since announcing mid-month exploration had expanded the mineralised zones at its GC silver-lead-zinc mine in China's Guangdong province.

Silver remains above US$17 an ounce on the spot market, while gold is about $6/oz higher than yesterday at $1,461/oz.

Base metals, bar tin, all settled in the black on the London Metal Exchange, with Marex Spectron's Dee Perera noting it was the first time this had occurred since November 1.

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