TSX Falls +200

Baytex, Teck in Focus

Stocks in Toronto failed to muscle up enough strength to move into positive territory by the close on Wednesday, losses in energy and materials the main culprits.

The S&P/TSX stumbled 221.36 points, or 1.2%, to close Wednesday at 19,035.93.

The Canadian dollar fell 0.03 cents to 77.29 cents U.S.

Energy stocks led the index down the chart, with Baytex Energy off 84 cents, or 11.7%, to $6.32, while MEG Energy dropped $1.93, or 9.3%, to $19.01.

In materials, Ivanhoe Mines plopped 78 cents, or 9.3%, to $7.62, while Teck Resources slipped $4.38, or 8.9%, to $44.62.

In health-care, Aurora Cannabis dwindled eight cents, or 4.5%, to $1.69, while Canopy Growth dipped 18 cents, or 4%, to $4.33.

Tech stocks tried to lift things up, as Docebo popped $2.92, or 8.4%, to $37.86, while Kinaxis surged $4.82, or 3.8%, to $132.11.

In utilities, Boralex picked up $1.24, or 3%, to $41.95, while TransAlta advanced 37 cents, or 2.7%, to $13.90.

In industrials, Canadian Pacific achieved altitude of $1.44, or 1.6%, to $91.22, while Waste Connection gained $1.82, or 1.2%, to $153.26.

On the economic scene, Statistics Canada reported May’s consumer price index rose 7.7% on a year-over-year basis, up from a 6.8% gain in April.

The agency adds, on a seasonally-adjusted monthly basis, the CPI increased 1.1% in May.


The TSX Venture Exchange remained lower 13.88 points, or 2.1%, to 639.09.

All but three of the 12 TSX subgroups were negative on the day, as energy slid 5.1%, materials dropped 1.8%, and health-care lost 1.5%.

The three gainers proved to be information technology, which along with utilities, gained 0.8% each, while industrials hiked 0.6%.


Stocks fell slightly on Wednesday in choppy trading as markets struggled to sustain a rebound from earlier in the day. Traders also weighed comments from Federal Reserve Chair Jerome Powell, who reiterated the central bank’s stance to fight inflation.

The Dow Jones Industrials slid 47.12 points to conclude Wednesday to 30,483.13.

The S&P 500 dipped 4.9 points to 3,759.89.

The NASDAQ Composite was weighed down 16.22 points to 11,053.08.

Wall Street shook off fears of an economic downturn as Federal Reserve Chairman Jerome Powell on Wednesday told Congress the central bank has the “resolve” to bring inflation down. Investors are increasingly concerned aggressive monetary tightening would tip the U.S. economy into a recession.

Some Wall Street banks increased their odds of a downturn this week with Citigroup raising chances of a global recession to 50%, pointing to data that consumers are starting to pull back on spending.

On Wednesday, the White House released a fact sheet calling for Congress to suspend federal gasoline and diesel taxes for three months. The effort is meant to ease pressures at the pump for consumers during an election year.

Shares of Marathon Oil and ConocoPhillips dropped more than 5% and 4%. Occidental Petroleum and Exxon Mobil dipped 2%.

A peek into the S&P 500 showed that the real estate and health care sectors drove outperformance in the broader market index, with the two sectors each up 2%. Shares of Crown Castle and American Tower jumped 5% and 4%, respectively. Shares of Moderna surged 7%.

Consumer discretionary stocks such as homebuilders Lennar and D.R. Horton each jumped 3%.

On the earnings front, KB Home will post results after the market closes on Wednesday.

Treasury prices jumped, lowering yields to 3.15% from Tuesday’s 3.31%. Treasury prices and yields move in opposite directions.

Oil prices lost $4.21 to $105.31 U.S. a barrel.

Gold prices recovered $1.30 to $1,840.10 U.S. an ounce.