The stock market falls as oil, gold all fall

After hitting its highest closing height mark in two months yesterday, Canada’s main stock index took a rest today.

The Toronto Stock Exchange’s S&P/TSX composite index, which closed at 19,660.30 yesterday, opened today immediately lower at 19,570.46.

At 10:49 a.m. ET, the index had dropped to 19,510.01, shedding 150.3 points, or 0.76 per cent. The poor showing of energy and technology stocks contributed hugely to the fall in the index.

The technology sector fell by 2.0 per cent, just as the energy sector also fell 2.0 per cent in response to falling crude oil prices.

This contrasted with the performance of the TSX on Tuesday when the TSX had its best-closing figure in two months, buoyed by the good outing recorded by the materials sector following the rise in prices of gold and copper.

The TSX closed higher at 19,660.31, gaining 114.40 points, or 0.6 per cent, its highest closing level since September 14. The materials sector, which incorporates precious and base metals miners and fertilizer companies, gained 4.7 in response to the rise in the price of gold by 2.2 per cent while copper rose by 1.7 per cent.

Today’s negative morning performance did not abate even till noon. At 12 noon, the index was down 19,513.43, shedding 146.88 points, or 0.75 per cent.

The top-performing stocks were EQB Inc., which rose 11.60 per cent; Home Capital Group Inc., which gained 5.30 per cent; and IAMGOLD Corp., which was up by 4.02 per cent. On the other hand, the least-performing stocks were Converge Technology Solutions Corp., which lost 12.60 per cent; Pan American Silver Corp., which lost 9.79 per cent; and Nuvei Corp., which was down 9.70 per cent.

However, today’s poor performance did not stop the index from being in positive territory when judged in the short term. By noon, the index had gained 1.22 per cent in the last five days and 7.17 per cent in the past month. However, it had lost 1.88 per cent in the last three months.

Across the southern border, the S&P 500 was also down 3,800.48, shedding 27.63 points, 0.72 per cent. The DOW was also down 32,897.19, losing 263.64 points, or 0.80 per cent.

The Canadian dollar was down against the American dollar. The US dollar was exchanging for C$0.7432, which saw the loonie losing $0.0010, or 0.1290 per cent.

Crude oil was also down, selling for US$87.51 per barrel, losing $1.40, or 1.57 per cent.

Gold futures were down to US$1,710.60 per ounce, dipping by $5.40, or 0.31 per cent.

At 2.00 p.m., the woes of the TSX worsened, as it dropped further to 19,398.93, losing 261.38 points, or 1.33 per cent. 

Market movers

The interest of our readers this week has been diverse, spanning health care, cryptocurrency, and precious metals.

Recharge Resources (RR) has begun a high-resolution heliborne magnetic survey at its Georgia Lake North and West Lithium Properties in Ontario. 

HIVE Blockchain Technologies (HIVE) has provided production figures from its Bitcoin and Ethereum mining operations for October 2022.

Ceapro (CZO) has signed an agreement with the University of Alberta to further scale up the company’s Pressurized Gas eXpanded (PGX) technology.

Finally, companies which have undertaken capital raises within the week include UGE International, Radisson Mining, Vizsla Silver, Brookfield Renewable, Northstar Gold, and Arras Minerals Corp.

The post The stock market falls as oil, gold all fall appeared first on The Market Herald.

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