Top 5 events to watch in Canadian markets on October 5

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Top 5 events to watch in Canadian markets on October 5

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 Top 5 events to watch in Canadian markets on October 5
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Highlights 

  • The S&P/TSX composite index swooped lower on Monday, October 4, as technology stocks noted a significant decline.
  • The primary stock index fell below the 20,000-mark in earlier trading.
  • On Tuesday, October 5, December futures on the S&P/TSX composite index rebounded.

The S&P/TSX composite index swooped lower on Monday, October 4, as technology stocks noted a significant decline.

The primary stock index fell below the 20,000-mark in earlier trading. Although it managed to crawl up from there through the day, it still closed at its lowest point since July 20 at 20,052.25, down by 98.62 points or 0.62 per cent.

On Tuesday, October 5, as oil prices hovered close to their highest levels, December futures on the S&P/TSX composite index rebounded by 0.4 per cent at 7AM EST.

Here are some events to watch out for today if you are an investor in Canada.

Also read: Fobi (TSXV:FOBI) surged 650% in a year! A Canadian AI stock to buy?

Tech stock selloff

Stocks in the North American markets shrank notably on Monday as investors resorted to a selloff again in the technology sector amid rising fears of a persistent inflation.

The S&P/TSX Capped Information Technology Index sank by 2.75 per cent on Monday. In the US, the S&P 500 dipped 1.3 per cent. The Nasdaq 100 was down by 2.2 per cent, while the Dow Jones Industrial Average sank by 0.9 per cent.

While tech giants like Amazon Inc (NASDAQ:AMZN) and Facebook Inc (NASDAQ:FB) headed the losses in the US, Lightspeed Commerce Inc (TSX:LSPD) and Shopify Inc (TSX:SHOP) plunged by 8.5 per cent and 3.1 per cent in Canada.

Oil stocks rising

Energy stocks on the Toronto Stock Exchange (TSX) shot up on Monday as oil prices surged.

Oil prices in the US hit their highest level in nearly seven years as the OPEC-led panel of Joint Ministerial Monitoring Committee rooted for gradual increase of energy supply from the next month.

The S&P/TSX Capped Energy Index represented a growth of about two per cent on Monday, with energy company Enerplus Corp (TSX:ERF) rising by 4.2 per cent and MEG Energy Corp (TSX:MEG) gaining 3.3 per cent.

Also read: Which TSX energy stocks to buy as oil hits highest price since 2014?

GTA home prices hit new high as supply shrinks

The Greater Toronto Area (GTA) saw average home selling prices surge by a 18.3 per cent year-over-year (YoY) to an all-time high of C$ 1.13 million in September 2021, reported the Toronto Regional Real Estate Board (TRREB) on Tuesday.

Simultaeneously, sale of homes dived by 18 per cent YoY last month.

In the tightening real estate market, number of active listings also plummeted by about 50 per cent YoY and new listings dipped by 34 per cent YoY in September, as per TRREB.

Nuvei Corp (TSX:NVEI) debuting in the US

Canadian fintech company Nuvei Corp (TSX:NVEI.TO) announced on Monday that it has filed its initial documents required to go public in the US.

The digital technology payment player is heading to launch an initial public offering (IPO) in the US approximately a year after it debuted on the TSX in Canada.

Amid the tech stock selloff, Nuvei’s stocks trading on the TSX shed more than four per cent to close at C$ 147.27 on Monday.

Nuvei Corporation (TSX:NVEI) Q2 2021 results

Latest data on merchandise trade, foreign post indexes, etc

Statistics Canada is set to report the latest figures on Canada’s international merchandise trade, foreign post indexes, supply and disposition of major grains, etc on Tuesday.

In August, the data agency reported that merchandise imports and exports in Canada inflated by 4.2 per cent and 0.6 per cent, respectively, in the month of July 2021.

As a result, the country's merchandise trade surplus for the month had slimmed down to C$ 778 million.

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