TSX sinks as energy index’s 14-day green streak ends, bond market soars

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TSX sinks as energy index’s 14-day green streak ends, bond market soars

 TSX sinks as energy index’s 14-day green streak ends, bond market soars
Image source: Copyright © 2021 Kalkine Media

The S&P/TSX Capped Energy Index did not have a single a day in the red since the market opened after Christmas until Tuesday, January 18; a rally that stretched for 14 trading days. Tuesday saw it and all other major sectors down as the TSX Composite Index gave away a chunk of the gains it made this year.

Energy was down 0.7 per cent, technology 3.3 per cent, healthcare 3.8 per cent, industrials 2.2 per cent and financials about one per cent as Canada’s benchmark index lost 262.88 points, 1.22 per cent, its biggest dip since December 21, to 21,274.57.

However, speaking of rallies, Canada’s 10-year bond yield is on one. It has rocketed 10.4 per cent in three days to its highest since at least March 2020, when the pandemic hit.

One-year price chart (January 18). Analysis by © 2022 Kalkine Media®

Volume actives
Suncor Energy Inc saw 10.6 million shares traded, making it the most active stock. It was followed by Cenovus Energy Inc that saw 10.2 million shares switch hands, and Royal Bank of Canada saw ten million shares traded.

Movers and laggards

Wall Street update

Wall Street too saw significant losses. The Dow lost 543.34 points, 1.51 per cent, to 35,368.47 points, while the S&P 500 was down 85.74 points, 1.84 per cent, to 4,577.11 points. Nasdaq’s benchmark sank 386.86 points, 2.6 per cent, to 14,506.90.

Commodities update

Gold lost 0.37 per cent to US$ 1,812.40. Brent oil gained 1.19 per cent to US$ 87.51/bbl. Crude oil was up by 2.08 per cent to US$ 85.43/bbl.

Currency news

The loonie posted a 0.06 per cent gain Tuesday while USD/CAD ended at 1.2512. The US Dollar Index was at 95.73 against the basket of major currencies, up 0.5 per cent.

Money market

The US 10-year bond yield gained 3.67 per cent to 1.875 and the Canada 10-year bond yield was up 4.65 per cent to 1.890.


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