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For the fourth straight trading session, the TSX Composite Index fell as it took a biting loss of 2.07 per cent, 436.79 points, to 20,621.39. 2021, the year when vaccines came and the economy could open up, saw the index’s best performance since 2009, the year after the 2008 financial crisis. The stock market rallied during much of last year, breaking records.
However, with the impending rise of interest rates, inflation and the supply chain crisis, it was not looking great for Canada’s benchmark index at the start of the year. It lost 4.31 per cent in four days, and Friday saw its weekly loss come to 3.45 per cent, the biggest in at least a year. All the major sectors saw notable losses Friday as the index’s biggest player, Shopify, fell over 13 per cent.
One-year price chart (January 21). Analysis by © 2022 Kalkine Media®
Volume actives
Cenovus Energy Inc saw 10.1 million shares traded, making it the most active stock. It was followed by Baytex Energy Corp that saw over 10 million shares switch hands, and Enbridge Inc also saw over 10 million shares traded.
Movers and laggards
Wall Street update
Similarly, on Wall Street, 2022’s losses continued to mount as the main indices fell all day. The Dow lost 450.02 points, 1.3 per cent, to 34,265.37 points, while the S&P 500 dropped 84.79 points, 1.89 per cent, to 4,397.94 points. Nasdaq’s benchmark plummeted 385.10 points, 2.72 per cent, to 13,768.92.
Commodities update
Gold dipped 0.59 per cent to US$ 1,831.80. Brent oil fell 0.55 per cent to US$ 87.89/bbl. Crude oil was also down over two per cent to US$ 85.14/bbl.
Currency news
The loonie posted a 0.63 per cent loss Friday while USD/CAD ended at 1.2581. The US Dollar Index was at 95.64 against the basket of major currencies, down 0.1 per cent.
Money market
The US 10-year bond yield fell 2.24 per cent to 1.770 and the Canada 10-year bond yield was also down 2.24 per cent to 1.792.
