TSX In For Spill At Open| MENAFN.COM

Friday, 30 September 2022 10:01 GMT

TSX In For Spill At Open


(MENAFN- Baystreet.ca) TSX in for Spill at Open
Dye & Durham in Focus








Futures tracking Canada's main stock index fell more than 1% on Friday as investors retreated from riskier assets on worries about the impact of aggressive monetary policy tightening by central banks around the world.
The TSX Composite fell 181.86 points, or 1%, to close Thursday at 19,002.68.
Futures blundered 1.5% early Friday.
The Canadian dollar flopped 0.34 cents to 73.89 cents U.S.
In company news, Link Administration Holdings' A$2.47-billion ($1.63-billion U.S.) proposed deal to be acquired by Canada's Dye & Durham fell through after a local court denied approving the offer citing failure to meet key conditions.
On the economic slate, Statistics Canada reported retail trade decreased 2.5% to $61.3 billion in July, the first decline in seven months.
Sales were down in nine of 11 subsectors and were driven by lower sales at gasoline stations and clothing and clothing accessories stores.
ON BAYSTREET
The TSX Venture Exchange dropped 10.58 points, or 1.7%, Thursday to 602.94.
ON WALLSTREET
Stock futures were lower on Friday to close out another losing week as investors fear the Federal Reserve's aggressive hiking campaign to fight inflation will lead to an economic downturn.
Futures for the Dow Jones Industrials dumped 360 points, or 1.2%, early Friday to 29,789.
Futures for the S&P 500 docked 50 points, or 1.3%, to 3,722.
Futures for the NASDAQ Composite Index dropped 164.75 points, or 1.4%. at 11,400.75.
Friday is set to be the fourth negative session in a row for the major averages. The Fed on Wednesday enacted another super-sized rate hike of three-quarters a point and indicated it would do another at its November meeting.
Major averages are on pace for their fifth decline in the last six weeks. The Dow has given up about 2.4% this week and is nearing its 2022 closing low set in June.
Both the S&P and NASDAQ saw slightly sharper declines, the S&P falling 3% and the NASDAQ losing 3.3%, week to date. The S&P 500 is off by 21% so far in 2022.
Costco was down about 3% in pre-market trading Friday. Although the retailer posted fiscal fourth-quarter revenue and earnings that topped analysts' expectations, it is seeing higher freight and labour costs.
Scholastic shares fell 3.3% after sharing declines of 82% and 74% in operating income and earnings before taxes in the first quarter compared to the same period a year ago. The children's book maker saw a 1% increase in revenue.
In Hong Kong, the Hang Seng fell 1.2%, while markets in Japan were shuttered for holiday.
Oil prices slipped $2.63 to $80.86 U.S. a barrel.
Gold prices faltered $25.40 to $1,655.70 U.S. an ounce.










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