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The Canadian stock market took a big hit Friday, November 26, as optimism about a global recovery dissipated on the news of a possible new Covid-19 variant. All sectors saw biting losses beginning with energy that took a fall of nearly six per cent. Healthcare was down 3.3 per cent and base metals about three per cent. IT was down 2.6 per cent, industrials fell 2.24 per cent and financials 1.9 per cent.
These are significant losses. Before Friday, the TSX Composite Index was up 0.27 per cent week-to-date, but then it fell by a whopping 487.28 points to 21,125.90. That is a single trading day’s loss of 2.25 per cent. For a second week in a row, it ended in the red having lost almost two per cent last week. The biggest weekly loss since the week beginning January 24.
It bears noting, however, that not much is yet known about the Omicron Covid variant. Nonetheless, governments scrambled to impose travel restrictions amid fears of more lockdowns.
One-year price chart (November 26). Analysis by Kalkine Group
Volume actives
Suncor Energy Inc saw 19.68 million shares traded, making it the most active stock and it was followed by Cenovus Energy Inc that saw 14.51 million shares switch hands and Baytex Energy Corp had 9.5 million shares traded. All three major energy players ended the day in the red.
Movers and laggards
Wall Street hit with losses on Black Friday
South of the border, things fared no better as Black Friday, which was expected to be the official start off the holiday shopping season, saw stocks and the major indices plunge. The Dow dropped 905.04 points, 2.53 per cent, to 34,899.34 points and the S&P 500 was down 106.84 points, 2.27 per cent, to 4,594.62 points. Nasdaq was in the red 353.57 points, 2.23 per cent, to 15,491.66.
Gold down as oil prices plummet
Gold fell 0.38 per cent to US$ 1,785.50. Brent oil prices plunged 11.55 per cent to US$ 72.72/bbl. Crude prices plummeted nearly 12 per cent to US$ 68.15/bbl.
Currency news
The loonie lost 1.09 per cent Friday while USD/CAD was down to 1.2786. The US Dollar Index gained against the basket of major currencies, up 0.14 per cent to close at 96.20.
Bond markets sink
The US 10-year bond yield took a 7.18 per cent hit Friday to fall to 1.482 and the Canada 10-year bond yield sank 8.76 per cent to 1.610.
