Equities in Canada’s largest centre scampered backward, amid the prospect of higher interest rates after the U.S. Federal Reserve made an upward move Wednesday to help ward off further inflation.
The TSX changed direction and listed lower 122.14 points to conclude Wednesday at 19,532.78.
The Canadian dollar slid 0.08 to 72.87 cents U.S.
Health-care provided most of the weight among the losing subgroups, as Bausch Health faltered 36 cents, or 3.3%, to $10.47, while Chartwell Retirement Residences was unchanged at $8.45.
In real-estate, units of Allied Properties REIT gave back 53 cents, or 2.1%, to $24.29, while Artis REIT let go of 23 cents, or 2.9%, to $7.64.
In energy stocks, Advantage Oil slid 51 cents, or 6%, to $7.96, while Birchcliff Energy slumped 27 cents, or 3.2%, to $8.06.
Gold tried to even out the score, with Equinox Gold gaining 28 cents, or 4.8%, to $6.28, while Torex Gold prospered $1.60, or 8.3%, to $21.09.
In other resource sectors, Osisko Mining picked up 35 cents, or 10.6%, to $3.65, while First Majestic Silver shone 71 cents, or 9%, brighter, to $8.61.
In consumer staples, Jamieson Wellness gained 53 cents, or 1.8%, to $30.15, while Alimentation Couche-Tard tacked on 92 cents, or 1.5%, to $63.75.
In matters economic, Statistics Canada’s new housing price index declined 0.2% month over month in February, following a similar decrease in January. The index has been down in five of the last six months. In February, prices were down or unchanged in 25 of the 27 census metropolitan areas surveyed and up in two.
ON BAYSTREET
The TSX Venture Exchange dropped 2.81 points to 606.02.
Seven of the 12 TSX subgroups were lower, as health-care lost 1%, while real-estate dipped 0.9%, and energy proved 0.4% less energetic.
The five gainers were led by gold, soaring 1.8%, materials, stronger by 1.1%, and consumer staples, rocking 0.7%.
ON WALLSTREET
Stocks tumbled on Wednesday as the Federal Reserve continued hiking rates, while at the same time acknowledging turmoil in the banking sector could slow the already fragile economy. Regional bank shares led the slide.
The Dow Jones Industrials lost its parachute and fell 530.49 points, or 1.6%, to 32,030.11.
The S&P 500 was bruised 65.90 points, or 1.7%, to 3,936.97.
The NASDAQ Composite cratered 190.15 points, or 1.6%, to 11,669.96.
The Fed raised rates by 25 basis points, as was widely expected. In a statement, the Fed’s policymaking committee said it “will closely monitor incoming information and assess the implications for monetary policy.” Additionally, the central bank removed the phrase “ongoing increases” from its statement.
Prices for the 10-year Treasury rocketed, lowering yields to 3.44% from Tuesday’s 3.60%. Treasury prices and yields move in opposite directions.
Oil prices regained 46 cents to $70.13 U.S. a barrel.
Gold prices were brighter $34.60 to $1,975.70 U.S. an ounce.
