The commodity heavy TSX Composite Index had a second straight day in the green, gaining 106.60 points, 0.53 per cent, to 20,206.41, even as fears grew about a slowdown in China and its implications on the world economy and the supply chain.
Once again, this year, it seems Canada’s benchmark index is more insulated in this bearish phase because of its commodity stocks. The sectors that saw the most growth Monday, May 16, were energy, up 2.5 per cent, and base metals, up 1.5 per cent. Energy and materials account for 31.4 per cent of the index.
Tech was the only sector to close in the red, down 2.4 per cent, and tech stocks dominated the top laggers list.
One-year price chart (May 16). Analysis by © 2022 Kalkine Media®
Western Energy Services Corp saw 36 million shares traded, making it the most active stock. It was followed by Enbridge Inc that saw over 32 million shares switch hands, and Manulife Financial Corporation saw 21 million shares traded.
Movers and laggards
Wall Street updates
While commodities boosted the TSX Composite, on Wall Street there were some losses. The S&P 500 lost 0.39 per cent, 15.88 points, to 4,008.01, and Nasdaq’s benchmark plunged 1.2 per cent, 142.21 points to 11,662.79. However, the Dow increased slightly by 26.76 points, 0.08 per cent, to 32,223.42.
Gold was up 0.14 per cent to US$ 1,814.00. The price of Brent oil gained 1.64 per cent and was at US$ 114.24/bbl and that of crude oil was up 4.28 per cent to US$ 114.20/bbl.
The loonie gained 0.48 per cent compared to the US dollar while USD/CAD ended at 1.2843. The US Dollar Index was at 104.17 against the basket of major currencies, down 0.38 per cent.
The US 10-year bond yield was down 1.92 per cent to 2.886 and the Canada 10-year bond yield was down 1.08 per cent to 2.925.