(MENAFN- Baystreet.ca)
TSX Continues Downward Monday
Match Group in Focus
The negative trend picked up Monday where it left off Friday, with more triple-digit losses on both sides of the border.
The TSX Composite faltered 153.94 points to close Monday at 18,327.04.
The Canadian dollar fell 0.78 cents to 72.84 cents U.S.
Energy was the biggest loser, with Athabasca Oil fainting 17 cents, or 8.2%, to $1.90, while Baytex Energy falling 47 cents, or 8.1%, to $5.35.
Among utilities, Brookfield Renewable Partners sank $1.59, or 3.4%, to $45.33, while Algonquin Power & Utilities dished off 59 cents, or 3.5%, to $16.38.
Gold stocks also lost some lustre, with Equinox Gold losing 24 cents, or 5.5%, to $4.09, while Centerra Gold plunged 39 cents, or 7%, to $5.21.
Health-care stocks tried to lift the market, with Bausch Health Companies advancing 51 cents, or 5.3%, to $10.07, while Tilray eked up three cents to $3.72.
Techs moved higher, with Kinaxis jumping $8.54, or 6.5%, to $139.66, while Descartes Group took on $2.40, or 2.9%, to $86.99.
In consumer discretionary stocks, Magna International improved $2.11, or 3.1%, to $70.16 while Linamar picked up $1.71, or 2.9%, to $61.03.
Meanwhile, a Federal government official said on Sunday it would take several months for this country to restore critical infrastructure after the powerful storm Fiona left an 'unprecedented' trail of destruction.
ON BAYSTREET
The TSX Venture Exchange subtracted 10.67 points, or 1.9%, to 567.39.
Seven of the 12 TSX subgroups were negative, with energy heaviest by 3.3%, utilities off 2.1%, and gold down 1.7%.
The five gainers were headed by health-care, up 1.3%, information technology, surging 0.6%, and consumer discretionary stocks, progressing 0.5%.
ON WALLSTREET
The S&P 500 notched a new closing low for 2022 as interest rates surged and turmoil rocked global currencies.
The Dow Jones Industrials kept on their negative trend, losing 327.76 points to 29,262.65.
The S&P 500 fell 38.19 points, or 1% to 3,655.04.
The NASDAQ Composite plummeted 65 points
Match Group, the parent company of some of the world's best-known online dating platforms, is trading at its lowest level since the company went public in 2015.
The company behind services such as Tinder, Hinge, OkCupid and Match.com first went public via an initial public offering. It now trades as part of the NASDAQ under the ticker MTCH.
Match Group was trading down about 1.2% Monday at $46.75. Shares traded as low as $46.19 — marking its lowest valuation since becoming a publicly traded company.
Pharmaceutical company Organon is similarly trading at its lowest since it spun off from Merck in June 2021.
The two companies are among the more than 100 stocks in the S&P 500 trading down to levels not seen in a year or longer. Those stocks span industries including telecommunication, financial services, shipping, technology and real estate.
The British pound dropped to a record low on Monday against the U.S. dollar. Sterling at one point fell 4% to an all-time low of $1.0382. The Federal Reserve's aggressive hiking campaign, coupled with U.K.'s tax cuts announced last week has caused the U.S. dollar to surge.
The euro hit the lowest versus the dollar since 2002. A surging greenback can hurt the profits of U.S. multi-nationals and also wreak havoc on global trade, with so much of it transacted in dollars.
Treasury prices tumbled, pushing up yields to 3.90% from Friday's 3.70%. Treasury prices and yields move in opposite direction.
Oil prices lost $2.08 to $76.66 U.S. a barrel.
Gold prices dwindled $23.50 to $1,632.10 U.S. an ounce.
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