March 30, 2023

DS Duke

Global Business In World

Equities in Toronto stumbled in sympathy with their American brethren Friday, as health-care and consumer stocks weighed on the index at the closing bell.

The TSX Composite index dropped 146.96 points to end Friday at 20,061.71, a loss on the week of 32 points, or 0.16{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}.

The Canadian dollar dived 0.63 cents to 80.37 cents U.S.

Health-care stocks took their lumps, with OrganiGram Holdings down 16 cents, or 4.3{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to $3.60, while Tilry lost 73 cents, or 3.4{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to $20.86.

In the consumer discretionary sector, Magna International docked $2.81, or 2.5{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to $110.10, while Canada Goose Holdings slipped 98 cents, or 2{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to $47.35.

Gold also fell, with Equinox down 39 cents, or 3.8{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to $9.86, while Eldorado Gold lost 39 cents, or 3{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to $12.77.

Tech stocks, however, had an enjoyable day, with Lightspeed POS garnering $3.80, or 4{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to $99.53, while Shopify raced ahead $30.36, or 1.7{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to $1,820.37.

In real-estate, Tricon Capital Group tallied 29 cents, or 2.1{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to $13.97, while Boardwalk REIT grabbed 69 cents, or 1.7{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to $40.85.

On the economic slate, Statistics Canada reported new home prices increased 1.4{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d} in May nationally, with prices up in 19 of the 27 census metropolitan areas surveyed.


The TSX Venture Exchange dropped 1.27 points to 946.83.

All but three of the 12 TSX subgroups were down by day’s end, health-care bowing 1.7{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, while consumer discretionary and gold stocks each tumbling 1.2{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}.

The two gainers were information technology, up 0.8{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, and real-estate, ahead 0.5{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, while utilities were unchanged.,


Stocks fell on Friday, with the Dow Jones Industrial Average posting its worst weekly loss since October, as traders worried the Federal Reserve could start raising rates sooner than expected. Economic comeback plays led the market selloff.

The 30-stock index dumped 533.37 points, or 1.6{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to end the week during at 33,290.08, bringing its week-to-date losses to 3.1{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}.

The S&P 500 swooned 55.41 points, or 1.3{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to 4,166.45, pushing its loss this week to 1.5{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}. The S&P 500 energy sector lost 4.5{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d} and industrials are down 3.3{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, respectively, week to date. Financials and materials meanwhile, are down more than 5{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d} each.

The NASDAQ lost 130.97 points to 14,050.79.

Bullard said it was natural for the Fed to tilt a little “hawkish” this week and that the first rate increase from the central bank would likely come in 2022.

The market’s slide began after the Federal Reserve on Wednesday afternoon added two rate hikes to its 2023 forecast and increased its inflation projection for the year.

Friday also coincides with the quarterly “quadruple witching” in which options and futures on indexes and equities expire. Many expect trading to be more volatile in light of this event.

Prices for 10-Year Treasurys were sharply higher, bringing down yields to 1.44{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d} from Thursday’s 1.52{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}. Treasury prices and yields move in opposite directions.

Oil prices recovered 56 cents to $71.60 U.S. a barrel.

Gold prices let go of $6.10 to $1,768.70 U.S. an ounce.

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