Sign in Subscribe
Information services

Markets Rally on Triple-Witching Friday

Strategic Insights

— 2 min read

Markets across North America experienced a surge in activity on Thursday, dubbed "triple-witching Friday," as investors and traders flocked to buy stocks, resulting in significant gains for the Dow Jones industrial average and the TSE 300-stock composite index. The New York Stock Exchange saw its fourth-heaviest trading day on record, with over 446 million shares changing hands, surpassing the previous record set on October 21, 1987. The rally was largely driven by strength in the gold and metals sectors, as well as the surprise announcement of a joint venture between Spectrum Signal and QSound.

Key Takeaways:

  • The Dow Jones industrial average closed 30.51 points or 0.79 per cent higher at 3,895.65, marking its fourth-heaviest trading day on record.
  • The TSE 300-stock composite index climbed 23.32 points or 0.51 per cent to 4,566.61, with advancing issues outnumbering declines 445 to 333.
  • The gold sector surged 2.28 per cent, with metals advancing 1.04 per cent, while oils added 1.77 per cent.
  • Hollinger shares soared $1.25 to $16.75 on the TSE and 87 cents (U.S.) to $12.12 on the Nasdaq Stock Market.
  • Morgan Hydrocarbons eased 12 cents to $5.62 on 3,830,882 shares, with a block of 3.5 million shares crossing at $5.62.
  • Cabre Exploration rose $1 to $12.87, despite reporting a profit decline to $4.9-million from $5.6-million a year earlier.
  • Petersburg Long Distance bounced 62 cents to $15 on news of its purchase of a 50-per-cent stake in BECET International and the installation of a nationwide cellular telephone network in Kazakhstan.
  • The Montreal Exchange's market portfolio index rose 7.14 points to 2,137.47, with advancing issues outnumbering declines 179 to 140.
  • The Vancouver Stock Exchange index rose 11.43 points to 1,163.39, with Tudor shares hitting a 52-week high of $1.15.

Statistics:

  • Over 446 million shares were traded on the New York Stock Exchange, surpassing the previous record set on October 21, 1987.
  • The TSE 300-stock composite index gained 2.69 per cent on the week, rising 119.75 points to 4,566.61.
  • The Montreal Exchange's market portfolio index gained 1.71 per cent on the week, rising 7.14 points to 2,137.47.
  • The Vancouver Stock Exchange index rose 11.43 points to 1,163.39.
  • Hollinger shares increased by $1.25 to $16.75 on the TSE and 87 cents (U.S.) to $12.12 on the Nasdaq Stock Market.

Sources:

  • The Wall Street Journal
  • The Globe and Mail
  • Toronto Stock Exchange
  • New York Stock Exchange
  • Montreal Exchange
  • Vancouver Stock Exchange
  • Richardson Greenshields of Canada Ltd.
  • ScotiaMcLeod Inc.
  • Morgan Hydrocarbons
  • Cabre Exploration
  • Petersburg Long Distance
  • Spectrum Signal
  • QSound
  • Tudor
  • Crownx

Read more