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TSX Stubs Toes at Outset

·2 min read

Canada's main stock index gave up early gains in the first hour Thursday, even as rebounding oil prices helped stabilize sentiment after worries around a hawkish Federal Reserve sparked a selloff in the previous session.

The TSX Composite docked 62.78 points to begin the session at 19,121.76.

The Canadian dollar dropped 0.16 cents to 74.02 cents U.S.

Pieridae Energy, one of the companies proposing a liquefied natural gas terminal on Canada's east coast, has asked the federal government to help ensure pipeline operator TC Energy would be able secure permits to expand gas supply pipelines in a timely fashion.

Pieridae shares decreased in price three cents, or 2.7% to $1.09.

ATB Capital Markets upgraded Aurora Cannabis to sector perform from underperform. Aurora shares decreased five cents, or 2.9%, to $1.69.

On the economic slate, Statistics Canada reported that in August, new home prices for Canada increased 0.1% for the second consecutive month.

Last month prices were unchanged in most of the 27 census metropolitan areas (CMAs) surveyed; prices were up in four CMAs and down in one.


ON BAYSTREET

The TSX Venture Exchange let go of 4.06 points to 609.40.

All but two of the 12 TSX subgroups fell in the first hour, with real-estate, health-care and information technology each surrendering 1.3%.

The two gainers were energy, up 0.3%, and materials, poking ahead 0.02%.

ON WALLSTREET

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Stocks lost ground on Thursday after the major averages came off a day of steep losses following another large rate hike from the Federal Reserve.

The Dow Jones Industrials lost another 44.42 points to move into mid-morning trading at 30,139.36.

The S&P 500 let go of 20.53 points to 3,769.40.

The NASDAQ Composite stumbled 128.85 points, or 1.2%, to 11,090.74.

Boeing fell more than 2% to lead the Dow lower. Industrials and consumer discretionary were the worst-performing S&P 500 sectors, losing more than 1% each. Growth-oriented tech stocks and semiconductors also took a leg lower.

Shares of Robinhood jumped amid a report that the SEC won’t ban payment for order flow. On the economic front, the latest data on weekly jobless claims came in slightly better than expectations.

Treasury prices fell sharply, sending yields springing up to 3.68% from Wednesday’s 3.51%. Treasury prices and yields move in opposite direction.

Oil prices gained $1.05 to $83.99 U.S. a barrel.

Gold prices popped $7.90 to $1,683.60 U.S. an ounce.