Equities edged lower in Canada’s largest market, in choppy trade on Thursday, weighed down by uncertainty around the Russia-Ukraine peace talks and as investors awaited the release of the federal budget later in the day.
The TSX Composite Index demurred 84.39 points to break for lunch Thursday at 21,704.21.
The Canadian dollar fell 0.13 cents to 79.45 cents U.S.
CI Financial vaulted $1.23, or 6.7%, to $19.70, as the asset and wealth manager plans to spin off up to 20% of its U.S. wealth management business through an initial public offering.
The largest percentage gainer on the TSX were Denison Mines, which jumped 12 cents, or 5.9%, to $2.14.
Tilray fell 78 cents, or 8.6%, the most on the TSX, to $8.32, while the second biggest decliner was Canopy Growth, down 61 cents, or 6.8%, to $8.38, after BOFA Global Research cut its price target on the stock.
The Trudeau Liberals will unveil their 2022 budget around 4 p.m. ET which they promise will be “fiscally responsible” after having already pledged billions in new programs and increased military spending.
ON BAYSTREET
The TSX Venture Exchange recovered 3.23 points to 884.11.
The 12 TSX subgroups were evenly divided by noon hour, with materials and gold each sprinting 1.4%, while energy moved higher 0.7%.
The half-dozen laggards were weighed most by health-care, off 3.6%, while financials were down 1.4%, and information technology was 0.9% to the bad.
ON WALLSTREET
Stocks fell again on Thursday, following back-to-back losing sessions, as traders weighed the Federal Reserve’s plans to tighten monetary policy.
The Dow Jones Industrials crumbled 249.43 points to 34,247.08.
The S&P 500 dropped 22.52 points to 4,458.63
The NASDAQ Composite fell 118.21 points to 13,770.61.
Consumer staples and health care companies rose slightly on Thursday as investors continued their search for safe-haven stocks, which included Walmart, Merck and Procter & Gamble. On the tech front, shares of HP Inc surged 13% after Warren Buffett’s Berkshire Hathaway disclosed a stake in the tech hardware maker.
Industrial and real estate stocks like Honeywell, UPS and General Electric were among the worst performers, dipping 2% each as investors worried recent moves from the Fed could slow the economy. Home Depot and Lowe’s both fell about 1%.
Investors also digested initial jobless claims on Thursday, which came in at 166,000 last week, their lowest level since 1968, and signaled the job market remains under pressure.
Thursday’s moves come after the Fed released minutes from its March meeting on Wednesday, which showed that officials planned to reduce their trillions in bond holdings with a consensus amount around $95 billion.
Meanwhile, policymakers indicated that one or more 50 basis-point interest rate hikes could be warranted to battle surging inflation.
Treasury prices fell as yields increased to 2.64%, from Wednesday’s 2.59%. Treasury prices and yields move in opposite directions.
Oil prices tailed off $1.16 to $95.07 U.S. a barrel.
Gold prices progressed $104.80 to $1,933.50 U.S. an ounce.
Stocks Fall for 3rd Straight Day on Fed Tightening