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

📆 12/29/2022 1:01 AM
📰 BNNBloomberg

⏱ Reading Time:
32 sec. here
2 min. at publisher
📊 Quality Score:
News: 16%
Publisher: 50%

United States News News

United States United States Latest News,United States United States Headlines

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.

Write Comment

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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.
Source: BNNBloomberg - 🏆 83. / 50 Read more »