Stock Rally Take Breather| MENAFN.COM

Wednesday, 28 September 2022 01:35 GMT

Stock Rally Take Breather


(MENAFN- Baystreet.ca) Stock Rally Take Breather
Wesdome, Lightspeed in Focus








Equities in Canada's largest market took a break from their winning streak of several days, as weakness in resource stocks brought the index into the red.
The TSX dropped 88.53 points to conclude Wednesday at 20,181.44.
The Canadian dollar shed 0.37 cents to 77.48 cents U.S.
Gold weighed heaviest on the market, with Equinox Gold down 77 cents, or 6.8%, to $5.04, while Wesdome Gold sank 49 cents, or 5.3%, to $8.73.
Among tech issues, Lightspeed Commerce fell $2.08, or 7.2%, to $26.84, and Shopify slid $2.85, or 5.6%, to $47.99.
Among materials, Silvercrest Metals doffed 71 cents, or 8.1%, to $8.08, while K92 Mining skidding 46 cents, or 5.5%, to $7.84.
Energy tried to even things out, with Enerplus up 50 cents, or 2.8%, to $18.56, and MEG Energy ahead 44 cents, or 2.7%, to $16.50.
In consumer staples, Jamieson Wellness took charge of 67 cents, or 1.8%, to $37.59, while Loblaw Companies improved $2.03, or 1.7%, to $124.41.
Utilities were also positive, Boralex captured 92 cents, or 1.9%, to $50.11, while Capital Power acquired 41 cents to $50.73.
On the economic front, Canada Mortgage and Housing Corporation said Wednesday the seasonally-adjusted annual rate of housing starts was 275,329 units, an increase of 1.1% from June.
ON BAYSTREET
The TSX Venture Exchange slumbered 9.49 points, or 1.4%, to 660.08.
Eight of the 12 TSX subgroups were lower on the day, with information technology down 2.7%, gold off 2.5%, and materials lower by 1.6%.
The three gainers were energy, better by 1%, utilities, increasing 0.6%, and consumer staples, up 0.4%.
ON WALLSTREET
Stocks fell on Wednesday as the rally on Wall Street that has pushed prices higher since mid-June appeared to lose steam as traders assessed the latest retail data and minutes from the Federal Reserve.
The Dow Jones Industrials fell 171.69 points to conclude at 33,980.32.
The S&P 500 fell 31.16 points to 4,274.04.
The NASDAQ Composite ditched 164.43 points, or 1.3%, to 12,938.12.
Stocks were volatile as traders assessed the latest minutes, which showed that the Fed would continue its aggressive hiking campaign until it can tame inflation.
Meanwhile, traders continued to comb through corporate earnings from the retail sector. Target shares slipped 2.6% after the retailer posted earnings that widely missed expectations as it grapples with excess inventory, while Lowe's traded marginally higher despite a mixed quarter.
Retail sales data released Wednesday remain unchanged in July amid declines in auto sales and gasoline prices, although consumers did increase spending online.
Wall Street also looked ahead to the release of minutes from the Fed's most recent meeting, which could offer further insight into what could come at the central bank's next meeting in September.
Further uncertainty remains in the market as the Federal Reserve plans to continue raising rates and shrinking the size of its balance sheet.
Treasury prices were down, raising yields to 2.89% from Tuesday's 2.81%. Treasury prices and yields move in opposite direction.
Oil prices regained $1.15 to $87.68 U.S. a barrel.
Gold prices fell $10.70 to $1,779.10 U.S. an ounce.










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