TSX down in every sector amid Canada election & Evergrande crisis

The substantial bankruptcy by Chinese property developer Evergrande triggered an economic slowdown on Monday, September 20, across the globe, which is impacting the financial systems. Additionally, the upcoming Fed’s action for pumping stimulus into the economy seemingly created uncertainty among the investors.

All the 11 major sectors registered on the TSX composite were down including healthcare (5.01%), Energy (2.84%), Industrial (1.78%), Financial (1.75%) and Technology (1.51%). Thus, the TSX composite index continued in the red zone after losing 335.82 points or down by 1.63% settled at 20,154.54.

Analysis by Kalkine Group

The one-year price chart (as on September 20, 2021). 

Active volume

TC Energy Corporation was the most actively traded stock where 17.80 million exchanged hands, followed by Canadian Natural Resources where 15.02 million exchanged hands, and Suncor Energy Inc. with 8.64 million shares exchanging hands.

Movers and laggards

Wall Street update

Concerns over the probable collapse of China's real estate company Evergrande weighed heavily on US equities on Monday, with the main averages all suffering their biggest losses in many weeks.

Traders were also looking forward to the Federal Reserve's monetary policy statement on Wednesday. The central bank is largely anticipated to maintain its current monetary policy, but it may discuss the future of its asset purchase program.

The Dow Jones Industrial Average finished the afternoon down 614.41 points or 1.78% at 33,970.47. The S&P 500 fell by 75.26 points or 1.7% to 4,357.73, while the Nasdaq was down by 330.06 points or 2.19% to 14,713.80.

Commodity update

Gold traded at US$ 1,763.80, up 0.54%.

Brent oil slipped down at US$ 73.92/bbl down 1.48%, while Crude oil also traded at US$ 70.29/bbl down by 1.72%.

Currency news

The Canadian Dollar slid against the U.S. Dollar on Monday, while USD/CAD closed at 1.2825, climbing 0.46%.

The U.S. Dollar index gained marginally against the basket of major currencies on September 20, and ended at 93.23, up 0.01%.

Comment


Disclaimer

   
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK