TSX dips as tech & energy fall, Shopify dips 5.6% after stock split

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TSX dips as tech & energy fall, Shopify dips 5.6% after stock split

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 TSX dips as tech & energy fall, Shopify dips 5.6% after stock split
Image source: © Embe2006 | Megapixl.com

Highlights

  • The main Canadian index closed 0.8% down at 19,078.64 on Wednesday.
  • Its tech stock plunged by 2.2% during the session.
  • The energy sector sank 3.7% on Wednesday.

Wednesday, June 29, saw the S&P/TSX composite index slip into the red territory again as the energy and technology sectors noted declines. The fall seems to have been triggered by rising concerns about a possible recession in the wake of tightening policies to rein in inflation.

The Canadian benchmark index dwindled by 144.10 points, or 0.8%, to end the session at 19,078.64 on Wednesday, marking a quarter-to-date (QTD) decline of 12.8%. Some market experts believe that Q2 2022 could see the worst quarterly performance for the TSX since the COVID-led crash in 2020.

One-year price chart of TSX Composite Index (June 29)

One-year price chart of TSX Composite Index (June 29). Analysis by © 2022 Kalkine Media®

The TSX energy sector lost some of its gains from the previous sessions and tumbled by 3.7% on Wednesday as oil prices slid,

Technology stocks, on the other hand, plummeted by 2.2%. Ecommerce giant Shopify Inc (TSX: SHOP) contributed to this decline as it fell by about 5.6% after completing a 10-for-1 stock split.

Active Volume

Whitecap Resources (TSX: WCP), Bank of Nova Scotia (TSX: BNS), Crescent Point Energy (TSX: CPG) and Athabasca Oil (TSX: ATH) were among the most active stocks on June 29 on the TSX.

Movers and Laggards

TSX Movers and Laggards

Commodity

Gold futures slipped by 0.2% to US$ 1,817.5 per ounce on June 29.

Oil prices traded lower on June 29 as anticipation about fuel demand grew. Brent oil futures slipped by 4.69% to US$ 112.45 per barrel, while Crude Oil WTI Futures dipped by 1.77% to US$ 109.78 a barrel.

Currency

Amid rising recession-related fears, the Canadian dollar lost some of its strength against the US greenback on Wednesday.

The loonie dipped by 0.2% at 1.2895 to the US dollar, or 77.55 U.S. cents. This loss is said to have come after three days of gains in a row.

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