By By Robb M. Stewart
Stocks in Toronto are on track for weekly declines, following the weakness on Wall Street due to the recent increase in Treasury yields. This rising pressure is affecting the markets.
Concerns Arise Over the Canadian Economy
Major finance stocks are leading the overall losses in midday trading, as concerns grow regarding the health of the Canadian economy. Retail sales fell for the first time in five months in August, and preliminary estimates suggest no increase in sales for September. However, the mining sector remains positive, supported by a rise in gold prices.
Market Performance
The benchmark S&P/TSX Composite Index is currently 0.7% lower at 19,222.08, while the blue-chip S&P/TSX 60 is down 0.7% at 1,155.54. This would result in a 1.2% decline for both indexes for the week.
Weaker Banking Sector
The major banks are all experiencing weakness, particularly Canadian Imperial Bank of Commerce, which has dropped by 2.3%, and National Bank of Canada, which has declined by 2.2%.
Positive Performers in the Market
Barrick Gold is experiencing a gain of 2.4% at midday, thanks to the rise in gold prices.
Other notable market movers include:
- Rubellite Energy shares, which are up 8.7% at CAD 2.62 (USD 1.91), following the company’s acquisition of additional oil assets and undeveloped land in Alberta for CAD 34 million.
- Converge Technology Solutions, up 11% at CAD 2.59, as the company expects higher earnings in the third quarter compared to the previous year.
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