Stocks Recover after Heavy Losses

Teck, Canopy in Focus

Equities in Canada’s largest centre bounced back from a one-week low touched in the previous session on Wednesday, boosted by consumer staple and industrial stocks.

The TSX Composite gained 94.14 points midday Wednesday at 20,268.28

The Canadian dollar was pounded 0.45 cents to 78.42 cents U.S.

Pot producers Aurora Cannabis and Canopy Growth led decliners, Aurora down 24 cents, or 2.8%, to $8.40, while Canopy flopped 51 cents, or 2.8%, to $17.54.

Teck Resources and Converge Technology Solutions were the largest percentage gainers on the TSX. Teck collected 22 cents to $31.72, while Converge darting higher 31 cents, or 3.1%, to $10.56.

On the economic front, Statistics Canada’s industrial product price index declined 0.3% month over month in August, but was up 14.3% from August 2020.

The agency’s Raw Materials Price Index decreased 2.4% month over month in August, yet rose 27.7% compared with the same month in 2020.


The TSX Venture Exchange inched back 1.21 points to 866.38

All but three of 12 TSX sectors were higher, with consumer staples galloping 2%, energy gushing 1.1%, and real-estate, ahead 0.6%.

The three laggards were co-weighed by information technology and health-care, each down 1.3%, and gold, sliding 0.4%.


U.S. stocks were slightly higher Wednesday as the rapid increase in the 10-year Treasury yield cooled.

The Dow Jones Industrials jumped 214.36 points to 34,514.35

The S&P 500 was better by 21.72 points to 4,374.35.

The NASDAQ Composite came off its highs of the morning, but picked up 28.32 points to 14,575, after the worst day for the index since March.

The Dow and S&P are now down 3% for September. The NASDAQ is down more than 4.5%.

Tech stocks, which were hit hardest during Tuesday’s rout, bounced at the open but slipped as the session progressed. Apple and Netflix held on to healthy gains but semiconductor stocks weighed on the sector.

Shares of Micron slipped nearly 2% after it gave an earnings and revenue outlook for the first quarter of 2022 that missed consensus estimates. Nvidia and Advanced Micro Devices also declined.

Meanwhile, defensive stocks performed well as the utilities sector outperformed. Additionally, aerospace giant Boeing rose more than 4% to be one of the the best performers in the Dow. Energy stocks were steady after outperforming earlier in the week.

Shares of discount retailer Dollar Tree jumped 16%, making it a top performer in the S&P 500, after the company announced that it was increasing its stock buybacks and experimenting with higher prices in some locations.

Prices for 10-Year Treasurys gained ground, lowering yields to 1.52% from Tuesday’s 1.54%. Treasury prices and yields move in opposite directions.

Oil prices poked up two cents to $75.31 U.S. a barrel.

Gold prices sank $6.60 to $1,730.90 U.S. an ounce.