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TSX recap: Index finishes down 1.14% amid weakness in energy stocks - BNN Bloomberg

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Canada's main stock index fell more than one per cent Wednesday, with broad-based losses led by the energy sector, while U.S. markets also fell by more than one per cent.

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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