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TSX Sell-off Continues; Crude Gives Up Gains

Stock Markets Sep 29, 2022 12:59
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By Ketki Saxena

Investing.com -- The sell off on the TSX continued as worries of an economic downturn dominate, with major central banks remain hawkish globally, bond yields soaring, and the dollar remaining relentless. Global equity markets are also being roiled by worries of contagion from turmoil in UK markets. 

The commodity-heavy Canadian index gained was also pressured by intraday losses in crude as OPEC+ mulls output cuts, recession fears spurred worries of demand destruction, and the threat of Hurricane Ian receded, with significant production in the Gulf of Mexico expected to resume in coming days.

The Biggest Stories on Bay Street 

 Enbridge Inc announced it has acquired U.S.-based renewable energy developer Tri Global Energy (TGE) for a $270 million all-cash deal, and the assumption of TGE’s debt. TGE is the third-largest onshore wind developer in the United States. Enbridge (TSX:ENB) is also considering $50 million in additional payments as and when TGE completes certain projects.

Teck Resources (TSX:TECKa) announced today it will consider a spinoff or divestment of its stake in the Fort Hills oil sands project if the value of the asset is not reflected in Teck's share price. The project has long struggled with operational issues and the company had previously considered selling its 21.3% stake in the project. Teck Resources also announced today that it may raise the value of its Zafranal project in Peru to more than $2 billion from $1.3 billion. 

Cineplex meanwhile announced yet another twist in its long-running battle against Cineworld over their unsuccessful tie-up. Cineplex is suing for $1.24 billion in damages. A U.S. bankruptcy court has now blocked an upcoming appeal hearing from proceeding. The meeting had been scheduled for next month. Cineplex says that it will continue to “explore all avenues and forms of consideration to satisfy its judgment.”

Canadian Stocks Moving Markets Today  

Top Gainers: 

  • Ero Copper (TSX:ERO)

  • Wesdome Gold (TSX:WDO)

  • Torex Gold  (TSX:TXG)

Top Loser: 

  • Linamar (TSX:LNR)

  • Ballard (TSX:BLDP)

  • Shopify (TSX:SHOP)

TSX Sell-off Continues; Crude Gives Up Gains
 

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