The S&P/TSX composite index was down 222.55 points, or 1.14 per cent, to 19,284.10 on the first trading day in Canada after the Christmas holiday .
Energy stocks were a major factor in the TSX's bad day, said Michael Currie, senior investment adviser at TD Wealth, with the energy index down 2.39 per cent. However, oil has been having a good run, so one down day isn't terrible news, said Currie. And energy stocks this year have far outpaced the price of oil, he noted, with the S&P/TSX capped energy index gaining almost 50 per cent so far this year, essentially carrying the Canadian market in 2022.Wednesday was the last day for tax-loss selling, where investors sell off investments that performed poorly during the year to offset capital gains, said Currie.
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How market experts expect the TSX to perform in 2023 - BNN BloombergThe anticipation of a slowdown in aggressive interest rate hikes, alongside a possible plateau in inflation, has some experts calling for an equity rebound in the TSX Composite Index by the second half of next year.
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