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TSX Midday Stock Market Movers

Published 2022-05-04, 12:14 p/m
Updated 2022-05-04, 12:15 p/m
© Reuters

© Reuters

By Ketki Saxena 

Investing.com -- At noon in Toronto, the S&P/TSX Composite Index was at 20,827.86 points, down 0.37% in the day’s trading. 

Losses on the TSX were broad based as investors awaited further direction from the U.S. Federal Reserve’s rate decision, expected today at 2:00 p.m. A 50 basis point hike is widely-expected and largely priced into the market.  Investors will also be watching for details of how the U.S. Central Bank plans to wind down its $9 billion balance sheet. 

All TSX sectors barring heavyweight Energy (+0.34%) , Industrials (0.06%), Utilities (+0.53%) , and Clean Tech (+0.56%) were in the red at midday today.

Heavyweight energy was supported by the price of crude, up 3.58% today at $106.08 a barrel, following new and touch sanctions EU sanctions on Russia, including a phased oil embargo.

Growth stocks including tech (-2.86%) and healthcare (-2.86%) led by cannabis stocks, were particularly hard hit by the expected rate hike. 

Paramount Resources (+6.28%), MEG Energy Corp (+4.80%), Trisura (TSX:TSU) (+4.30%), Brookfield Renewables (+4.15%) and Primaris Real Estate (+4.15%) were amongst the top gainers on the TSX so far today. 

IAMGold was  down -29.83% after the the miner’s earnings report, and a significantly higher cost to a key project than was originally estimated. Equinox Gold (TSX:EQX) (-16.97%), Home Capital Group (-11.27%), Bausch Health (TSX:BHC) (-6.89%), and Capston Mining (-5.81%) were also amongst the biggest losers on the TSX as of midday.

 

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