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Canada Stocks-TSX hits 1-week low as investors eye tough period for stocks

  • Sep 27, 2022
  • 1 min read

By Fergal Smith

TORONTO, Sept 15 (Reuters) - Canada's main stock index fell to a one-week low on Thursday as investors, who were spooked earlier this week by hot U.S. inflation data, grew cautious about taking on risk during a historically difficult period for the market.


The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended down 165.98 points, or 0.8%, at 19,560.16, its lowest closing level since last Thursday.


"It's a tough time of year to take risk ... Against that backdrop we have slowing (economic) growth and declining liquidity," – said Joseph Abramson, co-chief investment officer at Northland Wealth Management.
"I would be more comfortable seeing some of the dust settle before getting more aggressive."

September has historically been the toughest month for Wall Street.


U.S. stock indexes also ended lower on Thursday as a raft of economic data failed to alter the expected course of aggressive tightening by the Federal Reserve amid growing warnings of global recession.


A global downturn could weigh particularly heavily on the Toronto market, which has a weighting of 30% in the shares of resource companies.


The energy sector dropped 2.6% as oil was pressured by expectations of weaker demand. U.S. crude oil futures CLc1 settled 3.8% lower at $85.10 a barrel.


The materials sector, which includes precious and base metals miners and fertilizer companies, was down 2.7% as gold and copper prices fell.

Important Disclosure: Northland Wealth Management Inc. is registered with the Ontario Securities Commission as a Portfolio Manager.

This article is provided for general informational and educational purposes only and does not constitute investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. The information contained herein is based on sources believed to be reliable as of the date of publication, but its accuracy or completeness is not guaranteed. Past performance is not indicative of future results. Any discussion of specific asset classes, investment strategies, or market conditions is general in nature and may not be suitable for your particular circumstances. Investment decisions should be made in consultation with a qualified advisor who understands your specific financial situation, objectives, and risk tolerance. Nothing in this article should be construed as a public offering of securities. Northland Wealth Management Inc. and its employees may hold positions in securities or asset classes discussed in this article.

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