Stocks Bruised

Capital Power, ECN in Focus

Stocks took yet another pasting Thursday, as investors displayed their nerves on the eve of September jobs figures on both sides of the border.

The TSX Composite swooned 256.08 points, or 1.3%, to end Thursday at 18,979.01.

The Canadian dollar plunged 0.78 cents to 72.76 cents U.S.

Utilities led the way down, with Capital Power plundering $2.79, or 5.9%, to $44.66, while Emera Corp. stumbling $2.55, or 4.6%, to $53.46.

In financials, ECN Capital Corporation got tattooed 26 cents, or 5.4%, to $4.56, while T-D plopped $4.60, or 4.7%, to $83.39.

Consumer staples also took their share of lumps, as Saputo lost $1.55, or 4.9%, to $30.34, while George Weston floundered $7.40, or 5%, to $139.43.

Health-care stocks tried to make up the difference, as Tilray climbed $1.06, or 26.2%, to $5.11, while Bellus Health gained 56 cents, or 13.9%, to $4.59.

Gold had a fine day, with Alamos Gold adding 32 cents, or 3%, to $11.15, while OceanaGold hiking nine cents, or 4.1%, to $2.31.

In energy, Headwater Exploration built 35 cents, or 5.9%, to $6.28, while MEG Energy soared 73 cents, or 4%, to $19.60.

On the economic slate, Western University’s IVEY School of Business reported its Purchasing Managers Index registered at 59.5 in September, much lower than its 60.9 reading in August, and way off its 70.4 status in September 2021.

ON BAYSTREET

The TSX Venture Exchange slipped 0.74 points to close Thursday’s session at 621.88.

Eight of the 12 TSX subgroups ended the day on the minus side, as utilities retreated 3.5%, financials were poorer by 2.9%, and consumer staples flopped 2.8%

The four gainers were led by health-care, sprinting 7.4%, while energy and gold were each up 1.8%

ON WALLSTREET

U.S. stocks fell Thursday, as traders weighed sharp swings in stocks and rates to start the month.

The Dow Jones Industrials were trounced 346.93 points to conclude Thursday at 29,926.94.

The S&P 500 plummeted 38.76 points, or 1%, to 3,744.52.

The NASDAQ Composite faded 75.33 points to 11,073.31.

Still, all major averages are on pace to end the week more than 4% higher for their best week since June 24.

Energy was the best performing sector, gaining 1.8%. Utilities lagged, falling 3.3%.

Goldman Sachs views Meta Platforms as a key digital advertising stock heading into earnings season and sees a promising opportunity for the stock at its current price.

With a $200 price target on the stock, Goldman expects shares to rally as much as 44% from Monday’s close price.

Economically speaking, weekly jobless claims rose more than expected last week, the U.S. Labor Department reported Thursday.

Initial filings for unemployment benefits totaled 219,000 for the week ended Oct. 1, up 29,000 from the week before and higher than the 203,000 estimate. The downwardly revised 190,000 from the previous week was the lowest level since April 23.

Treasury prices stumbled, lifting yields to 3.82% from Wednesday’s 3.75%. Treasury prices and yields move in opposite direction.

Oil prices surged $1.26 to $89.02 U.S. a barrel.

Gold prices recouped $1.90 to $1,722.70 U.S. an ounce.