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At Close: The TSX Today

Stock Markets May 16, 2022 16:37
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© Reuters

By Ketki Saxena 

 Investing.com – At the close in Toronto, the S&P/TSX Composite Index was at 20,206.41 points, up 0.53% today, as dip buyers helped Canadian equities rebounded from last week’s selloff. The TSX was also supported by broad-based gains in commodities, towards which the index is weighted.

 The energy sector was buoyed by crude prices, which is being supported by the likely enactment of a ban on Russian oil, from which Canadian producers are expected to benefit. China is also beginning to lift lockdowns, including in Shangai, easing concerns on the demand side. 

The heavyweight materials sector also helped lift the TSX, buoyed by industrial metals, which are also likely to see demand rebound as China begins to ease back on Covid-19 restrictions.

The Canadian Index was also supported by strong domestic economic data for the month of March, including a 0.03% increase in wholesale trade and a 2.5% increase in factory sales. 

Investor sentiment however remains uncertain following weak economic data from China further that, in addition to the likelihood of aggressive rate hikes by global central banks, continues to fuel fears of a global recession. 

In New York, the Dow Jones was 0.08% higher, S&P500 was down 0.39%, and the tech-heavy Nasdaq was 1.20% lower at the close. Wall Street closed on a mixed note, as concerns of economic slowdown and rising rates continue to pressure global equities. 

In Bonds and $CAD: Benchmark yields retreated from the 3% mark following extreme volatility last week, with yields on the Canadian 10 year at 2.938%, and yields on the U.S. 10 year were at 2.886%. 

The USD/CAD pair was -0.43% at 1.2853 as U.S. yields retreated faster than Canadian counterparts and the dollar index weakened as demand for the safe-haven retreated, while the loonie gained support from crude. 






 

At Close: The TSX Today
 

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