Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

At Midday: Resource Stocks Weigh On TSX; New Gold Tanks Over 25%

Published 2022-07-12, 01:04 p/m
Updated 2022-07-12, 01:06 p/m
© Reuters

© Reuters

By Ketki Saxena 

Investing.com -- At 1:00 p.m in Toronto, the S&P/TSX Composite Index was at 18,747.99 points, down 0.37%  amid sliding commodity prices, and ahead of the Bank of Canada’s policy decision expected tomorrow. The Canadian central bank is expected to hike rates by 75 basis points tomorrow, worsening worries of a cooling Canadian economy. 

Energy - a sector down over 9% so far this month - weighed heavily on the TSX today, as crude prices slid further on news of mass-testing and new covid restrictions in China, the world’s second-largest consumer of crude. 

Gold prices also slipped as the dollar runs strong, and ahead of U.S. inflation data due Wednesday, with bets for steep interest rate hikes following expectedly hot inflation data, further dimming bullion’s appeal. 

The Canadian index was also pressured by broad-based losses in metals, related to worries of lower industrial demand from China, the world’s second-largest economy.

However, nearly all TSX sectors were in the green at midday as Canadian equities tracked U.S. benchmarks higher in a day of mixed trading, despite recessionary fears continuing to dominate markets. 

Resource stocks were the biggest losers on the TSX so far today, including New Gold (-26.00%), shares of which tanked following the release of an operational update on its recent performance, production limits, and a dramatic reduction of the company’s full year outlook. 

Spartan Delta (-6.09%), Enerplus (TSX:ERF) (-5.43%), Crescent Point Energy (TSX:CPG) (-5.43%), and Suncor Energy (TSX:SU) (-5.08%) were also amongst today’s top losers. 

The biggest gainers on the TSX so far today included Bombardier (TSX:BBDb) (+7.38%), Air Canada (+5.46%), Manga International (+4.56%), and Canfor (TSX:CFP) Corporation (+4.22%), and Aurora Cannabis (TSX:ACB) (+3.68%). 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.