TSX index extends losses as commodity stocks tumble, loonie dips

Image Source: © Embe2006 | Megapixl.com

Canadian main equity index continued to decline and ended the trading session in the red zone on Thursday, September 1. The S&P/TSX Composite Index extended its losses by 188.09 points or 0.97 per cent to close at 19,142.72 points as metal and energy stocks crumbled amid weak commodity prices.

Only the telecom sector was in the green zone with an increase of 0.07 per cent. Meanwhile, the base metals sector declined the most by 4.32 per cent. 

The energy, technology and healthcare sectors also decreased by 2.51 per cent, 1.62 per cent and 1.01 per cent, respectively.


One-year price chart of TSX Composite Index along with SMA 20-day, SMA 30-day, SMA-50-day (September 1). Analysis by © 2022 Kalkine Media®).

Statistics Canada stated that the nation’s building permits were valued at C$ 11.2 billion in July 2022, down by 6.6 per cent from June, primarily as the residential sector noted an 8.6 per cent decrease to C$ 7.6 billion. The non-residential sector also fell by 2.1 per cent.

Volume Active

Suncor Energy (TSX: SU) saw 13.78 million SU shares switching hands on September 1, making it the most traded stock on the Toronto Stock Exchange (TSX). Enbridge (TSX: ENB) was the second most based on volume actives with a trading volume of 11.4 million shares. Barrick Gold (TSX: ABX) was the third most actively traded stock, with 10.73 million shares exchanging hands.

Wall Street update

The NASDAQ Composite Index also slumped by 0.26 per cent to 11,785.13 at the end of the Thursday session. The NYSE Composite Index settled at 14,771.9 on September 1, down by 0.19 per cent. The Dow Industrials index, however, rose by 0.46 per cent, while the S&P 500 shot up by 0.3 per cent.

Commodities

Gold prices plummeted by 0.98 per cent to settle at US$ 1,726.2 per troy ounce on September 1. The Crude WTI Futures for October 2022 edged lower by 2.53 per cent to reach US$ 87.28 per barrel. The Brent Oil Futures for November 2022 closed at US$ 92.19 a barrel, a decrease of 3.61 per cent.

Currency news

The CAD/USD slumped by 0.11 per cent to 0.76. On the contrary, the CAD/EUR appreciated by 0.98 per cent to 0.76. For September, the US Dollar Index Futures gained 0.89 per cent to 109.63.

Bond Market

In Canada, the 10-Year Bond Yield jumped by 1.68 per cent to 3.19, and the 10-Year Bond Yield in the United States climbed 2.08 per cent to 3.26.


 


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