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TSX Sags at Open
Equities in Canada’s largest market fell at the open on Thursday, dragged down by losses in energy and financial stocks, as fears of a global banking meltdown continued to worry investors.
The TSX dropped 89.82 points to commence business Thursday at 19,289.02.
The Canadian dollar eked up 0.07 cents to 72.72 cents U.S.
First Quantum Minerals, the operator of the Cobre Panama mine, has resumed operations to normal levels at the mine, gold-focused royalty and streaming company Franco-Nevada Corp said.
First Quantum Minerals shares began Thursday up 52 cents, or 2.1%, to $25.33.
Alimentation Couche-Tard said it is in exclusive talks to buy some of French energy company TotalEnergies' retail assets for 3.1 billion euros ($3.29 billion) in cash. Couche-Tard shares advanced 97 cents, or 1.6%, to $61.91.
On the economic calendar, Statistics Canada said wholesale sales rose 2.4% to $84.2 billion in January. Increases in the machinery, equipment and supplies subsector and the food, beverage and tobacco subsector led the growth.
ON BAYSTREET
The TSX Venture Exchange retreated 2.94 points to 593.58.
All but two of the 12 TSX subgroups lost ground to start things out, with gold down 1.9%, materials weaker 1.2%, and real-estate off 1.1%.
The two gainers were industrials, inching up 0.3%, and consumer discretionary stocks, creeping up 0.1%.
ON WALLSTREET
The Dow Jones Industrial Average fell Thursday as regional banks slid once again on growing fears of a banking crisis in the U.S. and Europe.
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The 30-stock index let go of 262.27 points to 31,612.30.
The S&P 500 fell 18.6 points to 3,873.33.
The NASDAQ Composite descended 15.18 points, to 11,418.87.
Credit Suisse announced overnight it will borrow up to nearly $54 billion from the Swiss National Bank to assure short-term liquidity. That offered some relief to the embattled bank after it fell to a record low Wednesday following reports that the Saudi National Bank, Credit Suisse’s largest investor, said it would not provide additional assistance. U.S.-listed shares were up modestly after falling just under 14% in the prior session.
But the news was not enough to quell fears on Wall Street of an impending crisis, leading regional banks to take another leg down, led down by a drop of more than 31% in First Republic Bank.
Prices for the 10-year Treasury hiked, dropping yields to 3.39% from Wednesday’s 3.47%. Treasury prices and yields move in opposite directions.
Oil prices sagged $1.42 to $66.19 U.S. a barrel.
Gold prices advanced $1.90 to $1,933.70 U.S. an ounce.
