TSX Finishes Negative

Stocks in Toronto were roughed up a mite Wednesday, as weakness in the energy and material sectors burdened the market.

The TSX was down 86.42 points to close Wednesday to 20,499.31.

The Canadian dollar forged ahead 0.03 cents to 74.77 cents U.S.

As mentioned off the top, energy tumbled, mostly Tourmaline Oil, declining $3.28, or 5.5%, to $55.96, while Peyto Exploration slipped 38 cents, or 3.1%, to $11.84.

In materials, Endeavour Silver cratered 80 cents, or 14.2%, to $4.82, while Mag Silver tumbled $1.16, or 6.6%, to $16.56.

Food stocks also took the brunt of it, most notably George Weston, off $4.73, or 2.7%, to $170.22, while Maple Leaf Foods slumped 75 cents, or 2.9%, to $25.00.

Industrials tried to help the markets dig out somewhat, as Boyd Group captured $16.67, or 7.3%, to $244.19, while Exchange Income Corporation shares took on $2.11, or 4.1%, to $54.04.

In real-estate, units of Boardwalk REIT grew $2.08, or 3.5%, to $61.27, while Tricon Capital moved ahead 25 cents, or 2.3%, to $11.08.

Communications also cleared breakeven, with Cogeco Communications, up 80 cents, or 1.3%, to $63.07, while TELUS Corp. gained nine cents to $27.58.

On the economic front, Statistics Canada said the pace of housing starts in Canada advanced 11.3% to $11.8 billion in March.

ON BAYSTREET

The TSX Venture Exchange inched higher 1.55 points to 621.77.

Seven of the 12 TSX subgroups settled by the closing bell, with energy trailing Tuesday’s close 1.4%, while materials slid 1.2%, and consumer staples dropped 0.8%.

The five gainers were led by industrials, up 0.8%, real-estate, headed higher 0.7%, and communications up 0.4%.

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ON WALLSTREET

The NASDAQ Composite closed higher Wednesday as investors fled to tech stocks after a tamer-than-expected inflation report.

The Dow Jones Industrials gave up 30.48 points to wrap up Wednesday at 33,531.33.

The S&P 500 index gained 18.47 points to 4,37.64.

The tech-heavy NASDAQ grew 126.89 points, or 1%, to 12,306.44.

April consumer prices increased 4.9% from a year ago, which was less than the 5% annual increase expected by economists polled by Dow Jones. Month-over-month inflation matched expectations with a 0.4% increase in April.

Wall Street also monitored the latest updates on the U.S. debt ceiling as worries mount that an agreement may not be reached before June 1, which is the earliest date the Treasury Department says the U.S. could default. President Joe Biden held a key meeting with congressional leaders after the bell Tuesday, but comments from leadership on both sides of the aisle suggested that little progress was made. Biden and Congressional leaders will meet again on Friday.

Prices for the 10-year Treasury moved forward, lowering yields to 3.44% from Tuesday’s 3.53%. Treasury prices and yields move in opposite directions.

Oil prices sank 93 cents to $72.78 U.S. a barrel.

Gold prices dropped five dollars to $2,037.90 U.S. an ounce.