TSX Trades In Red Amid Stock Market Crash Fears

2 min read | February 25, 2021 05:08 PM EST | By Team Kalkine Media

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TSX Trades In Red Amid Stock Market Crash Fears

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The S&P/TSX Composite Index doffed ~ 261 points or 1.41% on Thursday amid rising concerns on inflation and US Treasury yields. After rising to 18,526.07 in early trades, the index plunged to a low of 18,147.13, before closing at 18,223.54.

Despite some positive earnings by the big six banks and other organizations, stocks drifted lower. All sectoral indices closed in red territory except telecom index, which added 0.56 per cent.

The S&P/TSX Venture Composite Index also entered the red zone, losing 28.15 points or 2.65 per cent to 1032.28.

Top active stocks with highest volume include ClearStream Energy Services Inc. (up 171%), Manulife Financial Corporation (up 0.66%) and Suncor Energy Inc. (down 3.19%).

Altus Group Limited (up 11.18%), Gildan Activewear Inc. (up 15.6 %) and CPI Card Group Inc. (up 38.97%) were among the biggest price gainers while Shopify Inc. (down 3.6%), Constellation Software Inc. (down 1.3%) and WSP Global Inc. (down 6.14%) were among the biggest price decliners.

On the economic front, Canada’s average weekly earnings soared by 6.4 per cent year-over-year in December 2020, as per a release by national data agency Statistics Canada.

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Across the border, the rising bond yields prompted a broad sell-off on Wall Street leading to both Nasdaq and S&P 500 closing in red. Nasdaq dropping 3.5% while S&P was down 2.4.

VIX or Chicago Board Options Exchange (CBOE) Volatility Index soared by over 31 per cent amid rising market crash among panicking investors.

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