Equity markets in Toronto kept up the good fight Wednesday, but fell short of improving on Tuesday’s levels, mostly on losses in gold and consumer staple stocks.
The TSX Composite index faded 25.74 points to end Wednesday at 20,174.91.
The Canadian dollar handed back 0.02 cents to 81.20 cents U.S.
Gold bore the brunt of sellers’ activity, with Equinox sinking 60 cents, or 6.3%, to $8.86, while Alamos Gold doffing 21 cents to $9.62.
Among consumer staples, Empire Company unloaded $2.04, or 4.8%, to $40.11, while Alimentation Couche-Tard dropped 47 cents or 1.1%, to $43.29.
In utilities, Brookfield Infra Partners ditched 86 cents or 1.3%, to $66.41, while Algonquin Power fell 18 cents, or 1.1%, to $18.69.
Energy tried to balance things out, with PrairieSky Royalties taking on 57 cents, or 3.9%, to $15.23, while Tourmaline Oil picked up 58 cents, or 2.7%, to $33.37.
In health-care concerns, Organigram Holdings tacked on 13 cents, or 3.7%, to $3.66, while Cronos Group grabbed 16 cents, or 1.5%, to $10.66.
In techs, Sierra Wireless sailed 68 cents higher, or 3.5%, to $20.41, while Quarterhill gained a nickel, or 2%, to $2.55.
In the economic docket, Statistics Canada reported retail sales were down 5.7% to $54.8 billion in April. The agency went on to say the decline coincided with the third wave of the COVID-19 pandemic and was the largest decline in retail sales since the first wave of the pandemic hit in April 2020.
Moreover, the Senate on Tuesday passed a bill that would open the door to legalize betting on single games or sporting events, which is currently illegal except for on horse racing.
ON BAYSTREET
The TSX Venture Exchange rocketed 7.52 points to 946.71.
Eight of the 12 TSX subgroups were in the red to end Wednesday, with gold slipping 0.9%, consumer staples losing 0.8%, and utilities off 0.5%.
The four gainers were led by health-care, haler by 1.1%, energy up 0.7%, and information technology ahead 0.2%.
ON WALLSTREET
The S&P 500 erased modest gains earlier and closed in the red on Wednesday as the market’s comeback rally took a breather.
The Dow Jones Industrials sank 71.34 points to 33,874.24.
The S&P 500 lost 4.6 points to 4,241.84. Leading the losses were the S&P 500 utilities sector, which dropped 1.1% Wednesday, while consumer staples and materials also registered modest declines.
The NASDAQ climbed 18.47 points above Tuesday’s all-time record to 14,271.73.
Energy names including Exxon Mobil climbed as oil prices continued to rise. Brent crude topped $75 a barrel to hit a two-year high on Wednesday. Occidental Petroleum jumped more than 3%, while Devon Energy gained 2%.
Some major technology names gave the broader market some support. Tesla jumped 5.3%, while Netflix gained 0.8%. Facebook also rose 0.5%.
Despite Wednesday’s dip, the S&P 500 has risen 1.8% this week, bouncing back from a selloff last week triggered by the Federal Reserve’s surprise policy shift. The central bank projected much higher inflation for the year than previously, while signaling two rate increases as soon as 2023.
For June, the S&P 500 is up 0.9% and the NASDAQ isin the green 3.8%. The Dow, however, is in the red for the month amid weakness in Caterpillar and JPMorgan.
Fed Chairman Jerome Powell testified before the House of Representatives on Tuesday, which appeared to lift sentiment as he reiterated that inflation pressures will be temporary.
Prices for 10-Year Treasurys were lower, raising yields to 1.49% from Tuesday’s 1.47%. Treasury prices and yields move in opposite directions.
Oil prices picked up 44 cents to $73.29 U.S. a barrel.
Gold prices dipped $1.70 to $1,787.10 U.S. an ounce.
