CAPITAL MARKETS

Caterpillar crimped amid COVID-19 uncertainty on markets

Market futures are mixed, following a varied finish yesterday on North American markets yesterday as uncertainty surrounds a COVID-19-clouded future.

Staff reporter
 Caterpillar closed lower while gold shone

Caterpillar closed lower while gold shone

Caterpillar (NYSE: CAT) closed down 8.7% following a downgrade by a Bank of America analyst, who cited weakness in the equipment manufacturer's energy business and a likely "severe capital spending downturn" by energy and mining stocks.

The S&P 500 closed down 1% and the S&P/TSX Composite Index lost 0.64%, while the Nasdaq rose 0.48% and the S&P/TSX Venture Composite Index gained 3.6%.

Other key markets had an Easter Monday holiday.

Meanwhile the gold price has burst above US$1,700 an ounce and was worth $1,718/oz on the spot market earlier.

Gold major Newmont (NYSE: NEM) closed 4.29% higher yesterday, touching a multi-year high intraday of $60.46.

Gold miner TMAC Resources (TSX: TMR), which has scaled down operations at its remote Hope Bay mine in Nunavut due to pandemic precautionary measures, shot up 69% to close at C$1.10 on no news.

Miners continue to be impacted by the virus, with Peru extending the country's national emergency and uranium producer Cameco (TSX: CCO) extending the suspension at its Cigar Lake mine indefinitely and withdrawing its outlook for 2020 as "the effects of the global COVID-19 pandemic persist".

Cameco closed 1.38% lower.

There are now 1.77 million confirmed COVID-19 cases globally and 111,652 deaths, according to the latest figures from the World Health Organisation.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.