TSX sees loss in Nov over Omicron fears after posting all-time high

November 30, 2021 05:30 PM AEDT | By Sundeep Radesh
 TSX sees loss in Nov over Omicron fears after posting all-time high

On Tuesday, November 30, the TSX Composite Index saw another day of big losses, that ultimately undid the gains it experienced throughout the month. Fed Chairman Jerome Powell said the central bank is considering speeding up the bond tapering process by a few months than was originally discussed.

The stock market began dropping after his statement and between that and the Omicron scare, Canada’s benchmark index has lost nearly 1,000 points, 4.5 per cent, in the last three trading sessions alone.

On Tuesday, after falling by 489.01 points, 2.31 per cent, it ended November at 20,659.99, a monthly loss of 1.8 per cent. Only January, September and November have seen losses this year but November also saw its all-time high of 21,796.16.

The two big players, financials and energy, each lost about three per cent Tuesday. Healthcare, Industrials and IT fell over two per cent, each. Birchcliff Energy Ltd saw a 7.2 per cent fall.

Mr. Powell felt that the economy is strong and inflation needs to be addressed, so much so that the Fed is also considering raising interest rates if there’s no respite.

One-year price chart (November 30). Analysis by Kalkine Group

Volume actives

Tuesday’s trade also saw comparatively larger volumes, perhaps indicative of an exercise in de-risking. B2Gold Corp saw 79.86 million shares traded, making it the most active stock and it was followed by Yamana Gold Inc that saw 68.3 million shares switch hands and Manulife Financial Corporation saw 34.49 million shares traded.

Movers and laggards

Wall Street hit after Mr. Powell’s comments

Not dissimilar to its northern neighbor, the bullish run that started yesterday came to a swift halt after Mr. Powell’s comments as the main indices plummeted. The Dow sank 652.22 points, 1.86 per cent, to 34,483.72 points, while the S&P 500 dropped 88.27 points, 1.9 per cent, to 4,567 points. Nasdaq Composite was down 245.14 points, or 1.55 per cent, to 15,537.69.

Apart from being the least hit Tuesday, Nasdaq was also the only North American index that managed a monthly gain in November. The Dow took the biggest hit losing 3.73 per cent and Nasdaq rose 0.25 per cent. Apple, probably, had something to do with that. The AAPL stock rose 11 per cent in November. This, after the month saw all the above indices post all-time highs.

Commodities in free fall

Gold fell 0.49 per cent to US$ 1,776.50. Crude sank 5.39 per cent to US$ 66.18/bbl. Brent oil was down 3.91 per cent to US$ 70.57/bbl Tuesday.

Currency news

The loonie dipped 0.3 per cent Tuesday while USD/CAD was 1.2776. The US Dollar Index lost 0.36 per cent against the basket of major currencies to close at 95.99.

Money market

The US 10-year bond yield was down 3.06 per cent Tuesday to 1.456 and the Canada 10-year bond yield was down 2.97 per cent to 1.566.


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.


AU_advertise

Advertise your brand on Kalkine Media

Sponsored Articles


Investing Ideas

Previous Next
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.