TSX sinks below 20,000 as energy & base metals plummet, loonie down

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TSX sinks below 20,000 as energy & base metals plummet, loonie down

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 TSX sinks below 20,000 as energy & base metals plummet, loonie down
Image source: Copyright © 2021 Kalkine Media Pty Ltd.

The TSX Composite Index plummeted Monday, May 9, by 633.59 points, 3.07 per cent, to under 20,000. So far, in bearish 2022, Canada’s commodity-heavy benchmark index had weathered the storm better than most.

But with energy plummeting by over seven per cent and base metals by nearly six per cent, there was no respite to be had. Healthcare lost over seven per cent and industrials over three per cent. Financials was down 1.3 per cent to land the index at 19,999.69.

Considering a nearly 9.96 per cent drop since its all-time high posted earlier this year, the index may be considered to be in correction territory.

One-year price chart (May 9). Analysis by © 2022 Kalkine Media®

Volume actives

Enbridge Inc saw 25.6 million shares traded, making it the most active stock. It was followed by Cenovus Energy Inc that saw over 13.6 million shares switch hands, and Suncor Energy Inc saw 10.2 million shares traded.

Movers and laggards

Wall Street updates

There were similar losses seen on Wall Street. The Dow sank 653.67 points, nearly two per cent, to 32,245.7 points, and the S&P 500 gave away 132.1 points, 3.2 per cent, to 3,991.24 points. Nasdaq’s benchmark plunged 521.41 points, 4.29 per cent, to 11,623.25.

Commodities update

Gold was down 1.46 per cent to US$ 1,853.86. The price of Brent oil fell nearly six per cent and was at US$ 105.31/bbl and that of crude oil also sank about six per cent to US$ 102.78/bbl.

Currency news

The loonie lost 0.71 per cent compared to the US dollar while USD/CAD ended at 1.3010. The US Dollar Index was at 103.70 against the basket of major currencies, down 0.09 per cent.

Money market

The US 10-year bond yield fell 3.46 per cent to 3.034 and the Canada 10-year bond yield was down 2.16 per cent to 3.042.

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