By Ketki Saxena
Investing.com -- At midday in Toronto, the S&P/TSX Composite Index was trading 18,988.70 points, down 0.17% in the day’s trading as a slump in crude weighed on the commodity-heavy Canadian index, while tech-earnings optimism on Wall Street, and a rebound in gold following yesterday’s 11 month low capped further losses on the Canadian index.
All TSX sectors barring energy (-2.36%), Clean Tech (-0.32%) and healthcare (-2.77%) were in the green at midday,
Sliding oil prices most weighed on the Canadian index, as oil prices dropped $3 in the day’s trade on higher U.S. gasoline stockpiles and after a 50 bps rate hike from the European Central Bank further stoked worries of demand destruction, while the resumption of oil supply from Libya, and Russian gas flows to Europe eased concerns about supply.
Gold meanwhile rebounded from yesterday’s sell-off as the dollar weakened and U.S. yields pared back. Industrial metals however still remained pressured by worries of new lockdowns in China, including its industrial hub of Shanghai.
Healthcare meanwhile was the worst-performing sector on the TSX today as investors on profit-taking after yesterday’s red-hot rally following news the much-awaited introduction of Senate Majority Leader Chuck Schumer’s Cannabis Administration and Opportunity Act that seeks to decriminalize cannabis at the federal level. The bill appears unlikely to pass a senate vote.
Pot stocks including Canopy Growth (TSX:WEED) (-9.16%) and Aurora Cannabis (TSX:ACB) (-7.55%) were the most losing Canadian stocks toady, followed by energy stocks Athabasca Oil (-5.50%), Baytex Energy (TSX:BTE) (-5.39%), and Precision Drilling (-4.79%).
Today’s biggest gainers include Mullen Group (TSX:MTL) (+10.39%), following record second-quarter earnings from the transportation-focused conglomerate, and an upgrade to “outperform” from National Bank Analysts.
Gold and silver miners were also amongst today’s top performing Canadian stocks, including Pan American Silver (-5.77%), K92 mining (+4.67%), MAG Silver (+4.54%). Shopify (TSX:SHOP) (+4.19%) was also a top performer today.