TSX Remains In Doldrums| MENAFN.COM

Thursday, 01 December 2022 07:28 GMT

TSX Remains In Doldrums

(MENAFN- Baystreet.ca) TSX Remains in Doldrums
Canopy, Telus in Focus

Equity markets in Canada on Friday were dragged down by losses in technology and material stocks after strong growth in domestic. Moreover, U.S. jobs data presented more scope for aggressive interest rate hikes by central banks to tame inflation.
The TSX Composite dropped 267.39 points, or 1.4%, to wander into lunch hour at 18,711.62.
The Canadian dollar strengthened 0.29 cents to 73.05 cents U.S.
Markets in Canada will be shuttered Monday for Thanksgiving Day.
Cannabis issues were particularly roughed up by noon Eastern, most notably, Canopy Growth, punished 93 cents, or 18.8%, to $4.19, while Tilray fell 86 cents, or 16%, to $4.51.
Tech stocks also lost out, as Shopify plummeted $3.29, or 8%, to $38.03, while Telus International forfeited $2.54, or 6.8%, to $34.98.
One of the few bright spots shone in energy, as Athabasca Oil grabbed 13 cents, or 5.1%, to $2.67, while Headwater Exploration increased 36 cents, or 5.7%, to $6.66.
On the economic slate, Statistics Canada says employment grew but 21,000 in September. The unemployment rate fell 0.2 percentage points to 5.2% as fewer people searched for work.
Elsewhere, Danielle Smith was elected leader of the ruling United Conservative Party in Canada's oil-rich Alberta province on Thursday, after running on promises of greater autonomy, in particular pushing back against federal government policies.
The TSX Venture Exchange slipped 10.06 points, or 1.6%, to 611.82.
All but three of the 12 TSX subgroups were in the red by noon, as health-care stumbled 9%, while information technology faded 3.9%, and gold dulled in price 3.3%.
The three gainers were energy, surging 1.5%, while utilities and consumer staples each crept up less than 0.1%.
Stocks fell on Friday morning as traders evaluated September's jobs report, which showed the unemployment rate continuing to decline and sparked an increase in interest rates.
The Dow Jones Industrials bruising, 505.23 points, or 1.7%, to move into noon hour Friday at 29,421.71.
The S&P 500 plummeted 77.54 points, or 2.1%, to 3,666.45.
The NASDAQ Composite faded 331.15 points, or 3%, to 10,742.16.
Advanced Micro Devices' stock fell after the chipmaker warned its third-quarter revenue would be lower than anticipated. Levi Strauss shares slipped following a cut to its guidance.
FedEx shares dropped nearly 3% after Reuters reported the shipping giant's ground division expects to lower volume forecasts, citing an internal memo. Just last month, FedEx withdrew its financial forecast due to a global demand slowdown.
Friday's jobs numbers showed the U.S. economy added 263,000 jobs in September, slightly below a Dow Jones estimate of 275,000.
However, the unemployment rate came in at 3.5%, down from the 3.7% in the previous month in a sign that the jobs picture continues to strengthen even as the Federal Reserve tries to slow the economy with rate hikes to stem inflation.
Major averages closed lower during Thursday trading but are on pace for an up week. The Dow and S&P are each set to end the week about 3% higher, while NASDAQ is on pace to rise 2%.
Treasury prices fell, lifting yields to 3.85% from Thursday's 3.82%. Treasury prices and yields move in opposite direction.
Oil prices surged $3.86 to $92.31 U.S. a barrel.
Gold prices settled $10.80 to $1,710 U.S. an ounce.


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