TSX Drops To 5-week Low, Set To End Weak For 6th Straight Day
(RTTNews) - Canadian stock market's benchmark S&P/TSX Composite Index fell to five-week low on Thursday, weighed down by concerns about inflation as oil prices continued to surge and bond yields climbed higher.
Yield on Canada's 10-year bond rose to 3.904%, gaining nearly 1.5%, lifted by a global bond sell-off due to concerns about rising oil prices and inflation.
Weak gold and silver prices hurt materials stocks, contributing significantly to market's drop.
The S&P/TSX Composite Index was down 444.81 points or 1.24% at 35,461.75 a little while ago.
The Materials Capped Index dropped by more than 3% as several stocks in the sector declined sharply after gold and silver futures fell 1.6% and 6% to $4,391.00 an ounce and $64.540 an ounce, respectively.
Trekor Metals, Capstone Copper, Ero Copper, Ngex Minerals, Hudbay Minerals, Abrasilver Resources, Lundin Mining, First Quantum Minerals, Teck Resources, Aya Gold & Silver and Novagold fell 5%-11%.
Technology stocks Coveo Solutions, Celestica, BlackBerry, Constellation Software, Descartes Systems Group and Docebo Inc shed 1%-2.5%.
Real estate, communications, utilities, consumer staples, healthcare and consumer discretionary stocks also reeled under pressure.
Aecon, Canadian Energy Services, Cargojet, Interfor, Mattr Corp., WSP Global, Cineplex, Methanex, Great-West Lifeco, Manulife Financial, IGM Financial, Computer Modelling and Vermilion Energy posted strong gains.
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