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The main Canadian stock index posted a triple-digit loss on Wednesday, July 14, as declining oil prices weakened energy stocks.
The energy sector declined by 2.62%, while the healthcare sector fell by 5.09% and the industrials sector dropped by 0.13%, further pulling back the broader composite index.
Eight out of the 11 main sectors of the TSX sank on Wednesday, although the financial sector’s 0.09% gain offset some of the losses
The S&P/TSX Composite Index closed down 0.61%, or 123.41 points, at 20,147.24.
1-Year Price Chart. Analysis by Kalkine Group
Gainers and Losers
Actively Traded Stocks
The most actively traded stocks on the TSX on Tuesday were Bombardier Inc, with a trading volume of 8.6 million, followed by Enbridge Inc., with that of 7.03 million, and Oceana Gold Corporation , with that of 5.83 million.
Wall Street
US stocks rose early on Wednesday in response to Federal Reserve Chair Jerome Powell's prepared statements before the House Financial Services Committee. Mr Powell stated in Congressional testimony that the US economic recovery hasn't advanced far enough to lead to the reduction of asset purchases.
The Dow Jones rose 44.44 points to 34,933.23, the S&P 500 gained 5.09 points to 4,374.30, while the Nasdaq fell 32.70 points to 14,644.95.
Commodity Update
Gold maintained its upward trend, climbing 0.83% to US$ 1,825.00.
As a result of rising US fuel stockpiles and a possible OPEC+ deal to boost supply, Brent Oil fell 2.26% to US$ 74.76/bbl and WTI Crude Oil fell 2.82% to US$ 73.13/bbl.
Currency News
The Canadian Dollar was up marginally against the US Dollar on Wednesday, while USD/CAD ended at 1.2506, down 0.03%.
The US Dollar lost some ground against the basket of major currencies and closed at 92.39, down 0.38%.
Money Market
The US 10-year bond yield tanked 4.87% and ended at 1.349.
The Canada 10-year bond yield, on the other hand, collapsed 4.36% and closed at 1.294 on Wednesday.
