TSX Ends Sharply Lower On Interest Rate Worries

(RTTNews) – Canadian markets fell sharply on Friday as fairly strong employment data from the US and Canada added to concerns about aggressive interest rate hikes by national central banks in the coming months. As concerns about inflation and slowing economic growth continued, investors decided to exit the stock market and warned stocks to rise even at lower levels. , The benchmark SandP / TSX Composite index fell 395.88 points, or 2.09%, to 18,583.13 after hitting 18,522.55. , Statistics Canada data showed the Canadian economy added 21,100 jobs in September 2022, slightly more than expected, representing an increase of 20,000 jobs and the first increase in employment since May. Canada’s unemployment rate fell to 5.2% in September from 5. % the previous month. , Data from the US Labor Department showed that nonfarm payrolls rose by 263,000 jobs in September, following an unrevised increase of 315,000 jobs in August and 537,000 jobs in July. Economists had expected employment to increase by 250,000 jobs. The Labor Department also reported that the unemployment rate fell to 3.5 percent in September from 3.7 percent in August, while economists expected the unemployment rate to remain unchanged. hemp stocks fell on Friday, a day after US President Joe Biden announced a federal amnesty for possession of marijuana. The SandP TSX Health Care Capped Index, which includes cannabis stocks, fell more than 11 percent. Canopy Growth Corp (WEED.TO) fell more than 25%. Tilray Inc (TLRY.TO) fell 19% and Cronos Group (CRON.TO) fell 15.5%. Bausch Health Companies (BHC.TO) and Bellus Health Inc (BLU.TO) fell 8% and . %, respectively. The index with information technology constraints fell almost . %. Lightspeed Commerce ( LSPD.TO ) lost 9.63 percent and Shopify Inc ( SHOP.TO ) lost 7.73 percent. Telus International (TIXT.TO) and Hut 8 Mining (HUT.TO) fell 7.8% and 7.5%, respectively. Converge Technology Solutions ( CTS.TO ), Alithya Group ( ALYA.TO ), BlackBerry ( BB.TO ) and Nuvei Corp ( NVEI.TO ) lost between 5 percent and 6 percent. The biggest loser in the materials sector was Lithium Americas Corp (LAC.TO), which fell 13%. Endeavor Silver Corp ( EDR.TO ), Oceanagold ( OGC.TO ), First Majestic Silver Corp ( FR.TO ), Fortuna Silver Mines ( FVI.TO ), Equinox Gold Corp ( EQX.TO ) and Silvercrest Metals ( SIL.TO ). ) ) ) lost 8-10 percent. Consumer shares of Mty Food Group (MTY.TO) fell nearly 7%. Magna International ( MG.TO ), Canada Goose Holdings ( GOOS.TO ), Brp Inc ( DOO.TO ) and Gildan Activewear ( GIL.TO ) lost between 3% and 5%. In the Industrial sector, Richelieu Hardware (RCH.TO) fell 7.6%. Gfl Environmental (GFL.TO) lost 7.1%. Cargojet ( CJT.TO ), Toromont Industries ( TIH.TO ), Westshore Terminals Investment Corp ( WTE.TO ) and Snc-Lavalin ( SNC.TO ) fell between 3.5% and 5.3%. Financials Onex Corp (ONEX.TO), Royal Bank of Canada (RY.TO), National Bank of Canada (NA.TO), Bank of Montreal (BMO.TO), Fairfax Financial Holdings (FFH.TO) and Canadian Imperial Banco de Comercio (CM.TO) lost 2-3 percent. Energy reserves closed mixed. Baytex Energy ( BTE.TO ), Tamarack Valley Energy ( TVE.TO ), Canadian Natural Resources ( CNQ.TO ) and MEG Energy ( MEG.TO ) rose between 1.5% and 3%.

Steve Walker

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