TSX Trudges into End of Disastrous Week

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Equities in Canada’s largest market ended the week feeling around for the bruises, as concerns over inflation weighed on investors’ minds.

The TSX Composite dumped 137.92 points to conclude Friday at 18,737.39, for a loss on the week of 378 points, or 1.98%.

The index was down for the ninth consecutive session at its lowest since October 22.

The Canadian dollar subtracted 0.29 cents at 72.08 cents U.S.

Consumer stocks took the hardest knocks, primarily Magna International, which dumped $2.42, or 3.6%, tp $65.99, while MTY Food Group slid $1.52, or 2.9%, to $51.59.

Financials were also roughed up, with Bank of Montreal suffering a loss of $3.18 a share, or 3%, to $102.88, while Nuvei got pasted 53 cents, or 2.8%, to $18.66.

In utilities, Brookfield Infrastructure Partners, off $1.40, or 4.5%, to $29.76, while Boralex lost 67 cents, or 2.5%, to $25.83.

Gold and their brethren in other resources tried to aid in the digging-out process, with B2Gold up 17 cents, or 3.9%, to $4.50, while Eldorado Gold better by $1.23, or 9%, to $14.90. K92 Mining improved 21 cents, or 4.1%, to $5.37, while Dundee Precious Metals strengthened 28 cents, or 3.3%, to $8.87.


ON BAYSTREET

The TSX Venture Exchange gained 4.41 points to 520.51. On the week, though, the index let go of 0.23 points, or 0.04%.

All but two of the 12 TSX subgroups were lower to finish the day, with consumer discretionary stocks, off 1.9%, financials, retreating 1.7%, and utilities sliding 1.4%.

The two gainers were gold, brighter 2.3%, and materials climbing 1.3%.

ON WALLSTREET

Stocks turned lower Friday as renewed selling on fears of a recession pushed the Dow Jones Industrial Average down more than 400 points and the S&P 500 into correction territory.

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The 30-stock index shed 378.48 points, or 1.2%, by the close of business on Friday at 32,405.82. The Dow was pressured by declines in JPMorgan Chase after CEO Jamie Dimon said he planned to sell one million shares next year.

The S&P 500 index sank 19.86 points to 4,117.37, its lowest level in five months and down 10.4% from this year’s peak on July 31.

The NASDAQ pushed forward 47.41 points to 12,643.01, thanks to shares of Amazon. Amazon added more than 8% after the e-commerce giant trounced analysts’ expectations for revenue and earnings in the third quarter. Other megacap stocks such as Microsoft followed Amazon shares higher.