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At Close: Today's TSX Market Movers

Stock Markets May 24, 2022 16:44
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By Ketki Saxena – At the close in Toronto, the S&P/TSX Composite Index was at 20,286.20 points, up 0.44% in the day’s trading, with the commodity heavy index supported by heavyweight energy and materials sectors.

The Canadian energy index closed +2.51% higher, despite oil trading today on a mixed note as the U.S. considers an embargo on crude oil exports  in an attempt to lower U.S. domestic pries. Concerns of slowing global demand also continue to weigh on investors despite China’s planned easing of lockdowns in Shanghai.

Materials meanwhile were 1.44% higher, supported by broad-based gains in metals, including gold. Demand for bullion was lifted as the dollar retreated to a one month low, and bond yields retreated. 

The financials sector, another heavyweight, was 0.92% higher ahead of earnings from Canadian banks expected this week, kicking off with BMO (TSX:BMO) and BNS (TSX:BNS) tomorrow morning before the opening bell. 

Tech, down 4.28%, and Healthcare, -7.50%  capped further gains on Canada’s benchmark index today, as risk sentiment continues to hurt growth stocks. 

Tech and Cannabis stocks, which are included in the healthcare subindex, were amongst the biggest losers on the TSX today. Canopy Growth (TSX:WEED) (-14.53%), Aurora Cannabis (TSX:ACB) (-12.33%), Cronos (-11.06%), Shopify (TSX:SHOP) (-10.74%), and Hut 8 Mining (TSX:HUT) (-10.03%) were today’s biggest losers. 

Resource and Energy stocks meanwhile were the day’s biggest gainers, including Oceana Gold (+7.54%), Crescent Point Energy (TSX:CPG) (+6.18%), K92 Mining (TSX:KNT) (+6.17%), Enerplus (TSX:ERF) (+5.17%), and NuVista Energy Ltd . (TSX:NVA)(+4.44%). 


At Close: Today's TSX Market Movers

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