April 11, 2021

Stocks Sustain Triple-Digit Losses

2 min read
Equities in Canada’s largest centre took a header Thursday, as energy stocks tracked weaker crude...

Equities in Canada’s largest centre took a header Thursday, as energy stocks tracked weaker crude prices, while concerns over renewed coronavirus lockdowns in Europe dented optimism around a swifter global economic recovery.

The TSX shed 142.4 points to approach noon EDT Thursday at 18,485.89

The Canadian dollar subtracted 0.24 cents at 79.25 cents U.S.

Enerplus Corporation fell 57 cents, or 8.7%, the most on the TSX, to $5.95, and First Quantum Minerals, down $1.19, or 5%, to $22.41.

BRP dropped $2.07, or 2.1%, to $96.95, after the insurance distribution company reported fourth-quarter results above estimates, while Denison Mines let go of a penny to $1.29.

Ontario forecast on Wednesday its budget deficit would narrow in the upcoming fiscal year and return to balance in 2029-30 as the economy rebounds from the coronavirus crisis.

ON BAYSTREET

The TSX Venture Exchange tumbled 22.6 points, or 2.4%, to 923.91.

All but three of the 12 TSX subgroups were in the red late Thursday morning, with energy capsizing 2.8%, materials surrendering 1.7%, and information technology clicking down 1.3%.

The three gainers were communications and utilities, each up 0.1%, and consumer staples, poking ahead 0.01%.

ON WALLSTREET

The S&P 500 dipped on Thursday, continuing its volatile run in March as the rally to record highs took a pause with investors reassessing the growth picture.

The Dow Jones Industrials withered 223.47 points to 32,196.59,

The S&P 500 faltered 29.08 points to 3,860.06. The S&P 500 energy sector slid more than 2%.

The NASDAQ Composite dropped 171.16 points, or 1.3%, to 12,790.73, as Big Tech came under pressure again.

The three major averages are all on track to post a losing week, with the S&P 500 and the Dow falling 1% each. The NASDAQ has fallen more than 2% this week.

The market weakness came as Federal Reserve Chairman Jerome Powell hinted at one day starting to remove the stimulus that has boosted the market during the pandemic.

Investors pored over a better-than-expected reading on weekly jobless claims. The U.S. Labor Department said first-time claims for unemployment insurance totaled 684,000 for the week ended March 20, lower than an estimate of 735,000 from economists surveyed by Dow Jones.

Prices for 10-Year Treasurys fell, hoisting yields back to Wednesday’s 1.61%. Treasury prices and yields move in opposite directions.

Oil prices faded $3.40 to $57.78 U.S. a barrel.

Gold prices recovered $2.70 to $1,735.9 0.

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