By Ketki Saxena
Investing.com -- The TSX tracked Wall Street and global equities lower, continuing the sell-off following hawkish rhetoric from the US Federal Reserve, and a slew of rate hikes from global central banks including the ECB.
On Wednesday, the Fed raised rates by 50 bps points, and indicated tightening well into next year - whereas investors had been hoping for a pause or pivot. The ECB and Bank of England also delivered 50 bps hikes and flagged there were more increases to come.
The commodity-heavy Canadian index was also pressured by crude prices, as fears that central bank hawkishness could drive the global economy into a recession worsened worries of demand destruction for the commodity.
The Biggest Stories on Bay Street
After an order by the Panamanian government to cease operations, at its Cobre Panama mine, First Quantum Minerals (TSX:FM) Ltd. plans to use “all available legal means” to broker an agreement. “We have significant plans for the future of Cobre Panama that will benefit all Panamanians, and our goal remains to find a ‘win-win’ resolution with the government that will safeguard 40,000 jobs and protect our investment,” First Quantum said.
Cannabis company Hexo (TSX:HEXO) corp delivered a $52.1 million net loss compared with a net loss of more than $116.9 million a year earlier, as it discontinued unprofitable products and streamlined its business. The loss amounted to a net loss of 9 cents per diluted share compared with a net loss of 46 cents per diluted share a year prior. Net revenue in the quarter totalled $35.8 million, down from $50.2 million in the same period last year.
Shopify (TSX:SHOP) has cancelled plans to move its headquarters to a high-profile building in Toronto. Shopify had planned to move into The Well complex at King Street West and Spadina. Shopify will now develop its current space at the nearby King Portland Centre to fit its needs instead of moving, although it remains on the hook for the rent for the Well Space. Shopify is bound by the terms of its lease agreement until March 2037, and is it paying full rent as it comes due.
Canadian Stocks Moving Markets at Midday
Top Gainers:
- Enghouse Systems
- Westshore Terminals
- Ero Copper (TSX:ERO)
Top Losers:
- Bausch Health
- First Quantum
- Spartan Delta Corp
In Canadian Economics
Statistics Canada reports that wholesale sales rose 2.1% to $83.4 billion in October, boosted by gains in miscellaneous goods, building material and supplies, and personal and household goods subsectors. Sales were up in six of the seven subsectors. In constant dollar values, overall sales rose 0.9% in October.