TSX Resumes Downward Journey| MENAFN.COM

Wednesday, 05 October 2022 02:31 GMT

TSX Resumes Downward Journey

(MENAFN- Baystreet.ca) TSX Resumes Downward Journey
Colliers, Canopy Growth in Focus

Equities in Toronto plumbed a fresh two-week low on Thursday, as technology and health-care stocks weighed matters down, as investors continued to fret over the pace of interest rate hikes by major central banks.
The TSX Composite fell 181.86 points, or 1%, to close Thursday at 19,002.68.
The Canadian dollar skidded 0.44 cents to 74.14 cents U.S.
Losses in information technology did most of the damage, with Dye & Durham, down 82 cents, or 6.4%, to $12.08, while Nuvei ditched $2.65, or 6.5%, to $37.87.
Real-estate also faltered, with units of Summit Industrial Income REIT falling back 66 cents, or 3.7%, to $17.05, while Colliers International sank $5.20, or 3.6%, to $138.27.
Health-care did not fare much better, as Canopy Growth went down the scale 26 cents, or 6.6%, to $3.69, while Tilray dipped 21 cents, or 5.3%, to $3.79.
Communications, one of the two subgroups which tried to shine, was powered by Telus, improving 42 cents, or 1.5%, to $28.90, while Rogers surged 70 cents, or 1.3%, to $55.80.
Gold peeped up, too, with New Gold ahead two cents, or 1.7%, to $1.18, while Kinross took on six cents, or 1.3%, to $4.82.
On the economic slate, Statistics Canada reported that in August, new home prices for Canada increased 0.1% for the second consecutive month.
Last month prices were unchanged in most of the 27 census metropolitan areas (CMAs) surveyed; prices were up in four CMAs and down in one.
The TSX Venture Exchange dropped 10.58 points, or 1.7%, to 602.94.
All but two of the 12 TSX subgroups fell Thursday, with information technology and real-estate each descending 2.1% and health-care down 2%.
The two gainers proved to be communications, better by 1%, and gold, up 0.5%.
Stocks fell for a second session on Thursday following the Federal Reserve's aggressive rate hike, as investors increasingly fear the central bank will push the economy into a recession as it battles to curb rising inflation.
The Dow Jones Industrials lost 107.1 points to end Thursday's session at 30,076.68. The 30-stock index flirted with gains through the day but stayed in negative territory for most of the session.
The S&P 500 retreated 31.94 points to 3,760.23.
The NASDAQ Composite slid 153.39 points, or 1.4%, to 11,066.81.
Defensive stocks outperformed with drugmakers and consumer staples in the green on Thursday. Eli Lilly shares gained 4% after UBS upgraded the stock and said it could be developing the biggest drug ever.
Shares of Cano Health surged more than 40% in late afternoon trading following a Wall Street Journal report that Humana and other potential buyers are in talks to buy the primary-care provider.
All the major averages are on pace to finish the week with losses. The Dow is down about 2.1%, while the S&P is negative 2.6%, and NASDAQ has tumbled 3.1%.
Treasury prices fell sharply, sending yields springing up to 3.70% from Wednesday's 3.51%. Treasury prices and yields move in opposite direction.
Oil prices gained 59 cents to $83.53 U.S. a barrel.
Gold prices gained $4.50 to $1,680.20 U.S. an ounce.


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