TSX Midday Stock Market Movers, Wednesday May 18 By Investing.com

TSX Midday Stock Market Movers, Wednesday May 18

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By Ketki Saxena

Investing.com -- At noon in Toronto, the S&P/TSX Composite Index was at 20,179.55 points, down 1.52% so far today.

Heavyweight materials (-1.78%), Energy (-2.09%), Financials (-1.68%) and Tech (-1.88%) most weighed on the Canadian benchmark index. However, all TSX sectors were in the red today with equities retreating following a short-lived rebound earlier this week, as concerns of an economic slowdown returned to dominate the market.

Worries of a recession have been driven by a range of factors including the Russia-Ukraine conflict, ongoing supply chain concerns, a slowdown in China, rising inflation, and the likelihood of global central banks aggressively tightening monetary policy.

In Canada, hotter than anticipated inflation data (6.8% CPI increase, year on year), sets the stage for more than 50 basis point hikes by Canada’s central banks at its upcoming policy meetings.

Element Fleet Management Corp (TSX:EFN) (+1.82%) and First Capital Realty Inc . (TSX:FCR_u)(+1.17%) were the only TSX stocks that managed to eke out a gain above 1% so far today.

The biggest losers on the TSX today included Dye & Durham (TSX:DND) (-16.98%), Energy Fuels Inc (TSX:EFR) (-9.69%), ATS Automation Tooling Systems Inc. (TSX:ATA) (-9.08%), Converge Tech (TSX:CTS) (-7.26%), and Denison Mines (TSX:DML) (-6.58%).

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