TSX index slides ahead of BoC rate decision, loonie drops

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 TSX index slides ahead of BoC rate decision, loonie drops
Image source: © Solarseven | Megapixl.com

The TSX Composite Index slid by 182.7 points (or 0.94 per cent) to 19,088.15 at the end of the trading session on Tuesday, September 6. This decline came a day before the Bank of Canada (BoC) is expected to announce its decision on interest rates.

The healthcare sector was down by 2.43 per cent, while the energy sector lost 2.02 per cent. The telecom sector also dropped by 1.52 per cent, with the technology sector declining by 1.16 per cent. All the other indices, including financial, industrials and utilities, also ended in the red zone.

TSX index slides ahead of BoC rate decision, loonie drops
One-year price chart of TSX Composite Index along with SMA 20-day, SMA 30-day, SMA-50-day (September 6). Analysis by © 2022 Kalkine Media®).

Volume Active

Suncor (TSX: SU) became the top actively traded stock on Tuesday, September 6, as about 20.05 SU shares exchanged hands. Enbridge (TSX: ENB) and Barrick Gold (TSX: ABX) followed Suncor, with approximately 14.15 ENB shares and 11.48 million ABX shares switching hands, respectively.

TSX index slides ahead of BoC rate decision, loonie drops

Wall Street update

Wall Street stock market also ended lower on September 6 as the NASDAQ Composite Index fell by 0.73 per cent. Meanwhile, the NYSE Composite Index also sank by 0.39 per cent. Furthermore, the Dow Industrials index contracted by 0.55 per cent, and the S&P 500 dipped by 0.41 per cent.


Gold was trading at US$ 1,712.9 per troy ounce, down by 0.56 per cent, at market close. The Crude WTI Futures for October 2022 closed at US$ 86.88 per barrel, down by 2.34 per cent. The Brent Oil Futures for November 2022 also declined to US$ 92.83 per barrel, denoting a decrease of 3.04 per cent.

Currency news

The CAD/USD moved lower to stand at 0.76 on September 6, down by 0.07 per cent. However, the CAD/EUR jumped to 0.76, marking an increase of 0.18 per cent. Besides this, the US Dollar Index Futures for September 2022 rose by 0.63 per cent to 110.2.

Bond Market

In Canada, the 10-Year Bond Yield surged by 3.4 per cent to 3.22 at market close on September 6. Meanwhile, the 10-Year Bond Yield in the US reached 3.35, representing a spike of 3.96 per cent.


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