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Investment

Toronto stocks slide as Bank of Canada signals early rate hike

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3 years ago

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Canada‘s main stock index was on course for its worst session in a month on Wednesday after the Bank of Canada signaled it could raise interest rates sooner than previously forecast.

At 10:33 a.m. ET (14:33 GMT), the Toronto Stock Exchange’s S&P/TSX composite index fell 0.73% to 21,018, with technology and healthcare stocks leading the declines.

The Canadian dollar and shorter-term yields jumped after the central bank’s decision to also move the pandemic-driven bond-buying program into the reinvestment phase, where it will purchase only enough government bonds to replace those that are maturing.

The BoC said it now expects the rate hike to happen “sometime in the middle quarters of 2022”, three months ahead of the previous forecast, and warned that inflation would stay above target for much of 2022 due to higher energy prices and supply bottlenecks.

“They’ve shifted that window sooner, so that is a little bit hawkish,” said Colin Cieszynski, chief market strategist, SIA Wealth Management.

“The ending of the QE program was pretty much as expected and they were going to do it before the end of the year. Now that the election is over, it seems like they had to do it.”

The energy sector dropped 1.2%, extending losses for the second session, as oil prices fell after industry data showed U.S. crude stockpiles rose more than expected. [O/R]

Meanwhile, the materials sector, which includes precious and base metals miners and fertilizer companies, lost 0.8%.

HIGHLIGHTS

Capital Power Corp and Algonquin Power & Utilities Corp were the biggest decliners on the TSX.

The TSX posted four new 52-week highs and two new lows.

Across all Canadian issues there were 22 new 52-week highs and 40 new lows, with total volume of 87.92 million shares.

 

(Reporting by Amal S in Bengaluru; Editing by Shailesh Kuber)

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Investment

S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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1 week ago

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October 16, 2024

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

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2 weeks ago

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October 11, 2024

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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2 weeks ago

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October 10, 2024

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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