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.
Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.