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S&P/TSX Composite Index closes lower, US stock markets also fall

TORONTO-

Canada’s main stock index closed Wednesday along with U.S. equity markets as investors continue to digest the potential for higher interest rates.

The S&P/TSX Composite Index started but ended down 69.41 points at 21,205.16 as financials, technology and energy stocks fell.

“Most stocks overall are down after starting the day quite strong,” said Michael Currie, vice president and investment advisor at TD Wealth Management.

The index fell despite strong gains for commodities, including the February gold contract closing at US$30.80 at US$1,843.20 an ounce and oil hitting a seven-year high while the March crude oil contract finished up 97 cents at US$85.80 a barrel.

“I’m a bit shocked that Toronto is down just because it was such a good day for gold and oil overall,” Currie said.

He said the news for oil that day was positive, including price gains and the International Energy Agency forecasting higher demand, but the drop in energy stocks may not have been. profit taking after the TSX energy index has gained 17% so far. This year.

Materials, however, were a silver lining as the index rose more than 4% as gold and copper prices rose. The big winners are Barrick Gold Corp. up 8.52%, Yamana Gold up 8.19% and Kinross Gold Corp. up 7.86%.

The price of gold was likely boosted by some loosening in bond yields, Currie said.

“The 10-year yield in the United States for several days has been off to a very good start, and it pulled back slightly today, which certainly helped gold.”

In New York, the Dow Jones Industrial Average closed down 339.82 points at 35,028.65. The S&P 500 index fell 44.35 points to 4,532.76, while the Nasdaq composite fell 166.64 points to 14,340.25.

The Canadian dollar was trading at 80.05 US cents against 79.81 US cents on Tuesday, a day when Statistics Canada reported annual inflation of 4.8% in December to reach the highest level in 30 years .

The high inflation rate has led economists to predict that the Bank of Canada could start raising interest rates as early as next week and several more increases are expected this year.

The February natural gas contract was down 25 cents at US$4.03 per mmBTU, and the March copper contract was up 9 cents at US$4.47 per pound.

This report from The Canadian Press was first published on January 19, 2022.

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