Gold price

TSX Maintains Gains

Sep 23, 2022

Canada's main stock index kept their buoyancy into lunch hour Monday as gains in commodity-linked shares were offset by weakness in cyclical and tech stocks, while downbeat data from China fueled fears of a global economic slowdown.

The SP/TSX had gained 56.07 points midday to 20,155.88

The Canadian dollar regained 0.20 cents at 77.50 cents U.S.

Cannabis shares showed the way Monday morning, as Tilray jumped 54 cents, or 9.2%, to $6.41.

In energy stocks, Tamarack Valley sprinted 27 cents, or 5.9%, to $4.83.

On the economic slate, Statistics Canada reported manufacturing sales rose 2.5% in March, mainly on higher sales of petroleum and coal product, primary metals, and paper products.

Wholesale sales rose 0.3%, also in March, to $79.8 billion, with the largest increases coming in the building material and supplies, and motor vehicle and motor vehicle accessories and parts subsectors.

Foreign Minister Melanie Joly said on Saturday that there should be consensus at NATO for Sweden and Finland to join the alliance, but that their accession should be quick.


The TSX Venture Exchange dipped 1.15 points, to 695.50.

All but two of the 12 TSX subgroups were in the green, with health-care ahead 3%, energy soaring 2.9%, and communications better by 1.1%.

The two laggards were information technology, down 1.9%, and consumer discretionary, off 0.3%.


The SP 500 was little changed on Monday as the market attempted to rebound from a relentless selloff that’s punished tech stocks and pushed the broader market index to the brink of a bear market.


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The Dow Jones Industrials found some upward mobility, 12.37 points, to move into lunch hour Monday at 32,209.03.

The SP 500 settled to within 6.48 points of breakeven to 4,017.41.

The NASDAQ Composite dropped 65.86 points to 11,739.14.

Major tech names continued to take a hit on Monday. Shares of Apple, which fell into a bear market at one point last week, fell 1.5%. Tesla shares dropped 4.5%. Microsoft’s stock price dropped 1%. Shares of Google-parent Alphabet declined 1%.

Other sectors including financials and consumer discretionary were also down at least 1%. Some of the biggest decliners on the Dow included American Express, Salesforce and Walt Disney.

Some notable outperformers on Monday included healthcare stocks. Shares of Eli Lilly surged 5% after Mounjaro was approved by the Food and Drug Administration to treat Type 2 diabetes. The drug is also being investigated for potential use in the treatment of obesity and overweight. Pfizer’s stock price jumped 1.2%, AbbVie’s stock price was up 1.2%.

Energy stocks also made gains, climbing higher on the back of rising oil prices. Exxon Mobil’s stock price climbed 1.9%, Chevron’s surged 2% and ConocoPhillips’ rose nearly 2%.

Elsewhere, shares of Spirit Airlines jumped 12% after JetBlue announced a tender offer to acquire the airline for $30 a share. Carvana’s stock price rose 2% after the used car company issued ex

Treasury prices picked up steam, lowering yields to 2.86% from Friday’s 2.94%. Treasury prices and yields move in opposite directions.

Oil prices gained $1.84 at $112.33 U.S. a barrel.

Gold prices gained $4.60 to $1,812.20 U.S. an ounce.

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