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After two consecutive days of winning streaks, the broader indices of Canada are back in the red zone on Wednesday. The decline was mainly because of increasing valuation risk led by recent spectacular rally in equities across the board. The cheap money flow is also winding up after recent surge in sovereign bond yields across the globe. Equity punters are hesitating to bet long on equities amid increasing inflation.
Weakness in the US equities had an impact on Canadian markets as well. The S&P/TSX Composite Index declined approximately 101 points or 0.55% to 18,320.67.
The United States equity indices traded in red, which was ignited by sell-off in the large tech stocks. The NASDAQ Composite that gauges movement in the large tech stocks tumbled approximately 361 points or 2.70% to 12,997.75. The S&P 500 tanked approximately 1.31% to 3,819.72 and Dow Jones declined 0.39% to 31,270.09, respectively.
Other broader indices of the Canada also reported weakness. The S&P/TSX 60 declined 0.58% to 1,090.22, the S&P/TSX Midcaps slipped 0.43% and SmallCap index gave up approximately 0.31%, respectively.
The TSX Venture Index tanked 3.4% to 991.98.
Information Technology, Healthcare and Utilities sector were top laggards among the eight constituent sectors of the TSX and declined 3.6%, 2.2% and 1.17%, respectively.
5-day TSX Composite Index Price Chart (30 minute). Source: EODHD/Others (Thomson Reuters)
Movers & Laggards
|
Ticker |
Company Name |
1-day Change (%) |
|
Top-5 Movers |
||
|
ZZZ |
Sleep Country Canada Holdings Inc |
10.9% |
|
LB |
Laurentian Bank of Canada |
9.9% |
|
TOY |
Spin Master Corp |
7.6% |
|
CFP |
Canfor Corp |
5.8% |
|
VET |
Vermilion Energy Inc |
5.7% |
|
Top-5 Beleaguered |
||
|
BLDP |
Ballard Power Systems Inc |
-9.0% |
|
SHOP |
Shopify Inc |
-6.6% |
|
MAG |
MAG Silver Corp |
-6.5% |
|
BLX |
Boralex Inc |
-5.9% |
|
INE |
Innergex Renewable Energy Inc |
-5.9% |
Source: Kalkine Group, EODHD/Others (Thomson Reuters)
Volume Active: Top-3 actively traded stocks on Wednesday were Suncor Energy Inc. (17 million shares changed hands), Canadian Natural Resources Limited (11.75 million changed hands) and BCE Inc (about 8.22 million changed hands), respectively.
Commodity, Currency and Money Market Update
Energy Price on Wednesday moved higher, with American Oil benchmark WTI Crude traded 2.56% higher at US$61.28/bbl and International Oil benchmark Brent Oil moved 2.19% to US$64.07/bbl, respectively.
United States 10-Year Treasury Bond Yield also spiked on Wednesday rose 6.15% to 1.484%. Canada 10-Year Government Bond Yield also moved 6.87% higher at 1.416%, respectively.
Gold Contact pared all the gains of yesterday’s trading session and declined 1.03% to US$1,715.80/oz.
Canadian Dollar loose some ground against the US Greenback and settled 0.18% lower at 0.7901.
