TSX Fumbles to Begin Short Week

Dye & Durham, Shawcor in Focus

Canada's main stock index inched lower on Tuesday, as weakness in healthcare shares and persisting fears around higher inflation dented sentiment, although losses were limited by gains in energy stocks.

The TSX Composite squirted up 0.34 points Tuesday to 20,416.65.

The Canadian dollar roared ahead 0.12 cents to 80.25 cents U.S.

Stock markets in Canada were closed Monday for Thanksgiving.

The Dutch owner of bike brands including Gazelle, Santa Cruz and Urban Arrow said on Monday it has agreed to buy brands including Cannondale, Schwinn and Mongoose from owner Dorel Industries Inc. for $810 million, creating one of the largest bike makers globally with $2.5 billion in estimated annual sales.

Dorel shares more than doubled, jumping $10.68, or 102.5%, to $20.10.

Rock Tech Lithium plans to build a converter plant in Brandenburg, the German state surrounding Berlin, to make battery-grade lithium hydroxide for electric vehicles, the state's energy ministry and the company said on

Rock Tech popped $1.34, or 6.1%, to $6.14.

Raymond James cut the target price on Air Canada to $30.00 from $35.00. Shares in “The Maple Leaf Airline” dropped nine cents to $23.00.

Canaccord Genuity cut the target price on Dye & Durham to $55.00 from $60.00. Dye shares tumbled $1.48, or 3.8%, to $37.90.

ATB Capital Markets cut the rating on Shawcor to sector perform from outperform. Shawcor jumped 29 cents to $23.43.


The TSX Venture Exchange rocketed up 18.59 points, or 2.1%, to 896.07.

Seven of the 12 TSX subgroups were lower to begin Tuesday, with consumer staples down 1.2%, information technology falling 1%, and consumer discretionary off 0.6%.

The five gainers were led by materials, better by 1.7%, gold, ahead 1.3%, and energy, improving 0.8%.


U.S. stock indexes churned in volatile trading Tuesday following two straight losing days.

The Dow Jones Industrials fell 57.81 points, to 34,438.25.

The S&P 500 hesitated 4.43 points to 4,356.76.

The NASDAQ Composite dipped 6.06 points to 14,579.54.

All three major indexes are coming off two consecutive negative sessions as inflation and economic growth concerns loom.

The International Monetary Fund on Tuesday cut its global growth forecast, citing supply chain challenges and persistent COVID spread.

The IMF said central banks like the Federal Reserve should be prepared to tighten monetary policy if inflation runs too hot.

Job openings in August fell by more than half a million to 10.4 million, according to the Labor Department’s latest Job Openings and Labor Turnover Survey released Tuesday.

JPMorgan Chase and other big banks are set to kick off the third-quarter earnings season later this week.

Earnings growth is expected to grow about 30% year over year this quarter following a 96.3% expansion in the second quarter,

Prices for 10-year Treasurys gained ground, lowering yields to 1.59% from Monday’s 1.61%. Treasury prices and yields move in opposite directions.

Oil prices gained 15 cents to $80.67 U.S. a barrel.

Gold prices hiked $10.80 to $1,766.50 U.S. an ounce.