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%).