Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

TSX gives back some recent gains as resource shares fall

Stock Markets Aug 02, 2022 05:11PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Monitors display the stock market numbers in the financial district in Toronto, Ontario, Canada March 16, 2020. REUTERS/Carlos Osorio


By Fergal Smith

TORONTO (Reuters) - Canada's main stock index fell on Tuesday, giving back some recent gains, as a slowdown in manufacturing activity as well as rising tensions between the United States and China dented investor sentiment.

The Toronto Stock Exchange's S&P/TSX composite index closed down 187.59 points, or 0.95%, at 19,505.33, as trading resumed following a market holiday on Monday.

On Friday, the index notched its highest closing level in nearly seven weeks.

Wall Street also fell on Tuesday as U.S. House of Representatives Speaker Nancy Pelosi visited Taiwan, in a move that was condemned by China.

Meanwhile, data showed that Canadian manufacturing activity lost further momentum in July as production and new orders declined for the first time since the early stages of the coronavirus pandemic.

"Businesses have right now shrunk down with rising labor costs and higher interest rates," said Allan Small, senior investment advisor at Allan Small Financial Group. "You can't keep expanding, you can't keep hiring and you can't keep growing the business when conditions are not favorable."

The materials sector fell 2.3%, pressured by a decline in copper and gold prices, while energy ended nearly 2% lower.

Heavily-weighted financials fell 0.8%, with Toronto Dominion Bank (NYSE:TD) down 0.4% after it said it will buy New York-based boutique investment bank Cowen Inc for $1.3 billion in cash.

In contrast, shares of e-commerce giant Shopify (NYSE:SHOP) Inc rallied 8.9%, adding their recent rebound.

TSX gives back some recent gains as resource shares fall
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email