TSX Tumbles to Near 8-Month Low
The S&P/TSX Composite Index experienced a significant drop of 4.7% to finish at 23,194 on Friday, marking a continuation of its decline to a multi-month low. This downturn was driven by escalating trade tensions and increasing domestic economic challenges. Newly imposed US tariffs, uncertainties surrounding auto tariff exemptions, and China's imminent 34% retaliatory levy have heightened recession fears and triggered a widespread market selloff. The surge in risk aversion led to a steep decline in crude oil prices, reaching their lowest since August 2021, adversely affecting energy stocks. Canadian energy major players took notable hits, including Canadian Natural, which fell by 6.7%, Suncor by 8.8%, Imperial Oil by 6.7%, and Cenovus by a significant 11.9%. Moreover, substantial losses were recorded in key sectors with firms such as Shopify declining by 5.6%, Brookfield by 7.2%, and Wheaton Precious by 8.8%. On the economic front, March saw a loss of 32,600 jobs, driving unemployment up to 6.7%, further exposing vulnerabilities within the Canadian economy.
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