TSX Experiences Negative Finish to Day, Week - InvestingChannel

TSX Experiences Negative Finish to Day, Week

Stocks in Toronto stumbled to the finish Friday, with energy and other resources weighing things down.

The TSX continued its slide, docking 91.18 points to conclude Friday at 20,515.24, for a loss on the week of 98 points, or 0.48%.

The Canadian dollar backed off 0.06 cents to 74.21 cents U.S.

Among those negative subgroups, energy sported with biggest shiners, as Nuvista lost 60 cents, or 5.3%, to $10.81, while Enerplus fell $1.17, or 5.2%, to $21.39.

Materials also had their troubles, with Agnico Eagle Mines subsiding $4.11, or 6.2%, to $62.24, while Lithium Americas diving $2.21, or 6.5%, to $31.76.

Gold suffered, mostly, Yamana Gold, sliding 16 cents, or 2.2%, to $7.19, while Eldorado Gold dumped 23 cents, or 1.9%, to $11.80.

Health-care issues tried to even things out, as Bausch Health Companies marched ahead 67 cents, or 5.6%, to $12.72, while Canopy Growth inched up eight cents, or 2.4%, to $3.36.

In utilities, Brookfield Infrastructure Partners gathered 71 cents, or 1.5%, to $47.01, while Emera Corp. took on 72 cents, or 1.3%, to $54.81.

Communications were also in the green, with Cogeco Communications up $1.41, or 1.9%, to $74.05, while TELUS grabbed 51 cents, or 1.9%, to$27.80.

On the economic slate, Statistics Canada’s industrial product price index increased 0.4% month over month in January and rose 5.4% year over year, while its raw materials price index edged down 0.1% month over month in January and was 1.2% higher compared with January 2022.

What is more, foreign investment in Canadian securities accelerated in December and reached $21.2 billion, the largest investment since August. At the same time, Canadian investors reduced their holdings of foreign securities by $2.3 billion after buying $14.7 billion in November.

ON BAYSTREET

The TSX Venture Exchange squeezed ahead 0.56 points to 627.78. and actually gained over the last few sessions, 14 points, or 2.3%.

Seven of the 12 subgroups moved higher, health-care jumping 1.5%, utilities taking on 1.1%, and communications better by 1%.

The five laggards were weighed most by energy, down 3%, materials, skidding 1.6%, and gold, losing 1.3% of its luster.

ON WALLSTREET

U.S. stocks were mixed on Friday as stubbornly high inflation and a rebound in rates continue to weigh on investor sentiment.

The Dow Jones Industrials prospered 129.84 points to close Friday and the week at 33,826.69. The 30-stock index rallied from lows of the day boosted by shares of Amgen — up on the day 2.7%, and United Health, which gained 2.4%

The S&P 500 retreated 11.32 points to 4,079.09.

The NASDAQ Composite moved backward 68.56 to 11,787.27.

Stocks are trending down for the week. The Dow is down 0.9% for the week. The 30-stock index is on pace for its third negative week in a row — a first since September. The NASDAQ is down 0.02% for the week. Meanwhile, the S&P 500 is down 0.9%.

Energy was the biggest laggard across indexes. Albemarle doffed 9.7% and Devon Energy lost 4.3%, dragging down the S&P 500.

Stocks are mixed on the week. The Dow ended down 0.1% for the week, its third negative week in a row — a first since September. The S&P 500 has shed 0.3% for the week, its second negative week in a row. The NASDAQ rose 0.6% on the week.

Investors continue to worry about how the economy and equities will hold up as the Federal Reserve hikes rates to tame stubbornly high inflation. In a Friday speech, Federal Reserve Governor Michelle Bowman said there’s a long way to go before the central bank reaches its target of 2% inflation.

The moves came after major averages shed more than 1% on Thursday, after the U.S. Labor Department said the producer price index — an inflation metric that tracks wholesale prices — rose 0.7% last month. That was more than economists expected.

Prices for the 10-year Treasury inched higher, lowering yields to 3.81% from Thursday’s 3.86%. Treasury prices and yields move in opposite directions.

Oil prices decreased $2.21 cents to $76.28 U.S. a barrel.

Gold prices fell $1.10 to $1,850.70 U.S. an ounce.

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