Sunday , March 26 2023

Toronto Stock Market Closes on High Volatility as Oil Prices Fall | business


Canada's main stock index closed lower on Friday. This is because the energy sector has fallen to a further drop in crude oil prices, which have led loonies to the lowest level for more than four months.

The S & P / TSX composite fell 83.03 points (15,274.44). It rose from 15,150.15 a week ago.

Crude oil prices fell 48 cents to $ 60.19 a barrel in February, the lowest level since February.

But Cavan Yie, portfolio manager for Manulife Asset Management, says the market is more than just petroleum.

He said the third quarter was not a strong profitable season. Slower revenue growth, higher operating costs, and disappointing margins.

"This was what we were afraid of when inflation started to move a few months ago, but now it's in financial performance," he said in an interview.

And some big US companies like Apple, Amazon, and Google have created uncertainty by pointing out that growth will slow down.

"Some of these weak prospects are not constructive to stocks, and you have a firm position on your hiking posture," he said.

"So all together, you get a classic health care correction in the stock market."

The hemp-based health care sector was followed by technology, consumer goods, energy and materials. Utilities increased the most with Bombardier Inc. partially rebounding and the industry rose.

In New York, the Dow Jones Industrial Average fell 201.92 points to 25,989.30. The decline was offset by three – day three – day gains, which rose 545 points on Wednesday after mid – term elections.

The S & P 500 fell 25.82 points to 2,781.01, while the Nasdaq was down 123.98 points to 7,406.90.

The Canadian dollar plunged 75.72 cents on Thursday compared to the average of 76.25 cents.

Natural gas contracts in December rose 17.6 cents to $ 3.72 per mmBTU.

December contracts fell US $ 1,208.60 an ounce to US $ 16.50, while copper contracts fell 5.15 cents to $ 2.68 in December.

Ross Marowits, Canadian Press

Source link