By Ketki Saxena
Investing.com – At noon in Toronto, the TSX was at 20,581.44points, down 0.55% in the day’s trading as U.S. and Canadian equities continued yesterday’s decline.
Following short-lived jubilation late Wednesday on the basis that the Federal Reserve was not actively considering a 75 basis point hike, overall concerns of inflation, aggressive rate hikes, and a global economic slowdown returned to dominate markets yesterday and to weigh on equities.
Losses on the TSX today were driven by tech (-1.83%), which is particularly sensitive to rate hike. Shares of Shopify (TSX:SHOP) Inc (-7.02%) continued to drag down the subindex following a big miss on profits yesterday.
Heavyweight materials was also down 0.84 % despite rising gold prices, as metals stocks weighed on the index following a week of mixed earnings from Canadian miners.
Further losses on the TSX were mitigated by the Energy sector, up 0.21% tracking the price of crude, which is rising steadily on the prospect of an impending EU ban on Russian oil.
All TSX sectors barring Consumer Staples (+0.03%), Utilities (+0.13%), Telecom (=0.47%), and Energy were in the red as of midday.
The biggest gainers on the TSX today included Martinrea (+14.74%), Trisura (TSX:TSU) (+10.28%), Kinaxis Inc (TSX:KXS) (+4.23%), Telus International (+4.19%), and Headwater Explorations (+4.35%)
Apart from Shopify, the biggest losers on the TSX today included IGM Financial (-7.68%), Labrador Iron Ore (-6.26%), Capstone Mining (-5.84%), and Nuvei (TSX:NVEI) (-4.91%)