TSX today: Energy stocks drop as oil falls below US$100 - BNN Bloomberg

New Gold was the lead laggard on the TSX as shares tumbled 26 per cent to $0.93 per share mid-day Tuesday after the miner slashed its production outlook for this year and warned of higher costs and expenses amid a setback at its Rainy River operations.

Despite crude falling below US$100 per barrel, some investors still think energy company valuations remain attractive. “But I think we continue to see tighter supply and if the economy starts to turn around in the back half of 2023 or 2024, I think that bodes well for energy stocks and I do think that they remain attractively valued at this point.”

“Now the question becomes can Canada afford 75 basis points, given our large reliance on the housing market, on financial assets and the like to basically drive consumer spending?” Lyle Stein, the president of Forvest Global Wealth Management Inc., said in an interview Tuesday.

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