Toronto Stock Exchange index on Monday fell to its lowest level in two and a half months as rising bond yields pressured technology stocks, offsetting a fourth straight day of gains for the energy sector.
The Toronto Stock Exchange‘s S&P/TSX composite index ended down 98.62 points, or 0.5%, at 20,052.25, its lowest closing level since July 20.
“The market environment has been soft,” said Shailesh Kshatriya, director, investment strategies at Russell Investments.
“Some of that is due to the narrative around peak growth … More recently, higher energy prices may be contributing to potential inflation risks down the line.”
The prospect of inflation forcing central banks to tighten policy sooner than expected has helped push bond yields to the highest in months. Wrangling in Washington over the debt ceiling added to upward pressure on yields.
“The sectors that have benefited from yields coming down — some of that is beginning to unwind,” Kshatriya said.
Technology stocks fell 2.8%, tracking declines for the tech-heavy Nasdaq composite index, while the healthcare sector ended nearly 3% lower.
“I think people are pretty cautious right now waiting to see what the earnings are going to be and we’ve also come off the first real corrective action in September,” said Gregory Taylor, portfolio manager at Purpose Investments.
The TSX fell 2.5% in September, ending a run of seven straight monthly gains.
Limiting the Toronto market’s losses on Monday were energy stocks, which rose 2% to the highest since January last year.
U.S. crude oil futures settled 2.3% higher at $77.62 a barrel after OPEC+ confirmed it would stick to its current output policy.
Sun Life Financial Inc gained 2.4% after saying it will acquire U.S. dental benefits provider DentaQuest for $2.48 billion in its biggest deal in two decades.
(Reporting by Fergal Smith; Additional reporting by Amal S in Bengaluru; Editing by Sandra Maler)
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
This report by The Canadian Press was first published Sept. 13, 2024.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 172.18 points at 23,383.35.
In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.
The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.
The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.
The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.
This report by The Canadian Press was first published Sept. 12, 2024.
