TSX Gives up Gains, Finishes in Minus Territory

SunOpta, Tricon in Focus

Equities in Toronto let gains slip from their fingers Wednesday, as tech and health-care stocks weighed on the market.

The TSX Composite ended in the red 16 points to conclude Wednesday at 20,158.14

The Canadian dollar was pounded 0.5 cents to 78.37 cents U.S.

Consumer staples proved the champion, with SunOpta stretching 55 cents, or 4.9%, to $11.72, while George Weston improved $8.16, or 6.4%, to $136.54.

In the energy patch, Cenovus jumped29 cents, or 2,3%, to $12.85, while Imperial Oil popped 88 cents, or 2.3%, to $40.03.

In the real-estate sector, Tricon Capital Group gained 36 cents, or 2.2%, to $16.96, while units of Cominar REIT marched along 19 cents, or1.9%, to $10.07.

Techs were another story, however, as Lightspeed POS tumbled $16.76, or 11.7% to $126.00, while HUT 8 Mining got bruised 28 cents, or 2.7%, to $9.98.

In health-care, Tilray docked 56 cents, or 3.8%, to $14.18, while Organigram Holdings lost nine cents, or 3%, to $2.95

Golds were also punished, with Iamgold losing 13 cents, or 4.4%, to $2.82, while Eldorado Gold slipped 43 cents, or 4.3%, to $9.56.

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.

ON BAYSTREET

The TSX Venture Exchange slumped 11.32 points, or 1.3%, to 856.27

Seven of the 12 TSX sectors were higher, with consumer staples galloping 2.1%, energy gushing 1.5%, and real-estate, ahead 0.4%.

The four laggards were weighed by information technology, down 1.5%, health-care, worse off 1.4%, and gold sliding 1%.

Consumer discretionary stocks were unchanged.

ON WALLSTREET

U.S. stocks rose slightly on Wednesday but the technology sector struggled again as the 10-year Treasury yield traded volatilely.

The Dow Jones Industrials jumped 90.73 points to 34,390.72, though off its highs of the day.

The S&P 500 nosed up 6.83 points to 4,359.46.

The NASDAQ Composite stayed positive for much of the day, before descending into the red 34.24 points to 14,512.44.

Tech stocks, which were hit hardest during Tuesday’s market rout, struggled to hold on to a rebound on Wednesday. Shares of Apple rose more than 1%, and Netflix jumped more than 3%, but shares of Amazon and Alphabet declined.

The NASDAQ was in the lead when the market opened but fell behind the other major averages as the session progressed and Treasury yields recovered.

Meanwhile, defensive stocks performed well as the utilities sector outperformed. Additionally, aerospace giant Boeing rose more than 3% to be one of the best performers in the Dow. Energy stocks rose again even as natural gas prices pulled back sharply.

Semiconductor stocks dipped after Micron gave an earnings and revenue outlook for the first quarter of 2022 that missed consensus estimates. Nvidia and Advanced Micro Devices also declined.

Meanwhile, 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 1.53% from Tuesday’s 1.54%. Treasury prices and yields move in opposite directions.

Oil prices faded 63 cents to $74.66 U.S. a barrel.

Gold prices sank $12.30 to $1,725.3 U.S. an ounce.