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Markets

Toronto index retreats as tech stocks hit 2-month low

  • Toronto Stock Exchange's S&P/TSX composite index was down 34.5 points, or 0.17%, at 20,116.37
Updated 04 Oct 2021

Canada's main stock index retreated on Monday, as technology stocks tracked a slide in the US tech-heavy Nasdaq, offsetting a bounce in oil stocks.

At 9:47 a.m. ET, the Toronto Stock Exchange's S&P/TSX composite index was down 34.5 points, or 0.17%, at 20,116.37, weighed down by technology and healthcare sectors.

Technology stocks fell 2.3%, hitting a two-month low, tracking the Nasdaq index, with the sector heavyweights coming under pressure from a surge in bond yields.

Healthcare stocks dropped 2.0%, with pot producers Canopy Growth Corp, Tilray Inc and Aurora Cannabis Inc among the top decliners.

Global equities were also down as investors fear global inflation could persist for longer than expected, given a continued rise in commodity prices and ongoing supply disruptions in many parts of the world, despite US Federal Reserve Chair Jerome Powell's insistence that high inflation is transitory.

TSX fall as healthcare stocks drag, set for worst week since Feb

"I think people are pretty cautious right now waiting to see what the earnings are going to be and we've also come off the first real corrective action in September," said Gregory Taylor, portfolio manager at Purpose Investments.

Meanwhile, limiting further losses in the index were energy stocks that rose 2.1%, extending gains for a fourth straight session, as oil prices were steady ahead of a meeting of the Organization of the Petroleum Exporting Countries and its allies to decide on output.

"Oil is having a really big move, it's definitely healthy for the energy stocks but it's also going to feed into the narrative of inflation," Taylor added.

Highlights

Financial services firm Sun Life Financial Inc gained 1.3% after it agreed to buy oral healthcare company DentaQuest for $2.47 billion.

Fuel-cell product maker Ballard Power Systems Inc and IT services provider Lightspeed Commerce Inc were the biggest decliners on the index.

The TSX posted 11 new 52-week highs and four new lows.

Across Canadian issues, there were 38 new 52-week highs and 21 new lows, with total volume of 44.24 million shares.

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