Triple-Digit Losses for Markets (Again!)

Energy Wanes, Gold Points Higher

The woes continued on Wednesday for Canadian stock markets, just as it looked like a recovery was due from two straight days of heavy losses. Energy and industrial stocks bore the brunt of Wednesday’s selloff, counteracting gains in tech and gold issues.

The TSX Composite Index had given up midday gains by Wednesday’s closing bell and flopped 114.59 points to 17,062.78.

The Canadian dollar doffed 0.23 cents to 75.10 cents U.S.

In the ill-fated energy sector, Enerflex bowed 44 cents, or 5.9%, to $6.97, while MEG Energy slipped 27 cents, or 4.2%, to $6.11.

Among industrials, Air Canada was grounded $2.38, or 6.1%, to $35.09, while Ballard Power Systems shed 77 cents, or 5.2%, to $14.00.

Consumer discretionary shares got roughed up, too, as BRP Inc. lost $2.30, or 3.7%, to $59.19. MTY Group docked $2.07, or 3.9%, to $51.50.

Tech shares tried to help the situation, with Kinaxis sparking $13.94, or 13.9%, to $114.44, while Quarterhill Inc. gained three cents, or 1.7%, to $1.85.

Gold gave it its best as well, with Alacer Gold taking on 30 cents, or 4.7%, to $6.65, while NovaGold tallied 24 cents, or 2%, to $12.44.


The TSX Venture Exchange lost 2.63 points Wednesday to 544.63

All but two of the 12 TSX subgroups were lower on the day, weighed most heavily by energy stocks, stumbling 2.5%, while industrials suffered 1.2%, and consumer discretionary stocks were belted 1.1%.

The only two stalwarts were information technology, pointing north 1.1%.


The Dow Jones Industrial Average fell on Wednesday, extending its sharp weekly decline, as the 10-year Treasury yield traded at a record low amid concerns over the coronavirus spreading even further.

The 30-stock index descended 122.21 points to finish Wednesday at 26,959.15.

The broader S&P 500 faded 11.82 points to 3,116.39.

The tech-heavy NASDAQ stayed in green territory, however, 15.16 points to 8,980.78.

The Dow completed on Tuesday its worst two-day stretch in two years while the S&P 500 had its biggest consecutive-days selloff in more than four years.
The S&P 500 wiped out a whopping $1.7 trillion in just two sessions between Monday and Tuesday. The equity benchmark nosedived 6.3% since Monday, suffering its biggest two-day drop since August 2015.

Disney was the worst-performing Dow stock, trading more than 3% lower after Bob Iger stepped down from his role as CEO. Exxon Mobil and Chevron fell more than 2% each, adding to the Dow’s losses. Energy, utilities and real estate were dragged the S&P 500 lower. Energy dropped nearly 3% while utilities and real estate both dipped more than 0.8%.

The news overnight was not positive in terms of containing the spread of the coronavirus. South Korea reported 169 new cases, bringing the country’s total to 1,146 infected.

In Italy, infections now total 325 and cases are now being seen beyond the original epicenter in the north. China reported 406 new confirmed cases, and an additional 52 deaths.

President Donald Trump will hold a news conference at 6 p.m. EST to address the coronavirus, he tweeted.

Prices for the 10-Year U.S. Treasury sagged, raising yields back to Tuesday’s 1.34%. Treasury prices and yields move in opposite directions.

Oil prices faded $1.19 to $48.71 U.S. a barrel.

Gold prices dumped $8.70 to $1,643.40 U.S. an ounce.

Dow Off 100+ as Rebound Attempt Fails