TSX Stubs Toes at Beginning

Canada's main stock index opened lower on Thursday led by declines in commodity stocks, with investors awaiting U.S. jobs data due this week to gauge the Federal Reserve's future actions around interest rates.

The TSX Composite descended 192.89 points, or 1%, to open Thursday at 19,042.20.

The Canadian dollar slumped 0.64 to 72.89 cents U.S.

Among individual companies, Suncor Energy said on Wednesday it would sell its wind and solar assets in Canada to Canadian Utilities for $730 million.

Suncor shares improved 16 cents to $44.39, while those for Canadian Utilities slid 43 cents, or 1.2%, to $35.70.

On the economic slate, Western University’s IVEY School of Business reported its Purchasing Managers Index registered at 59.5 in September, much lower than its 60.9 reading in August, and way off its 70.4 status in September 2021.


The TSX Venture Exchange slipped 0.45 points to open Thursday’s session at 621.17.

All but three of the 12 TSX subgroups opened negative, as utilities slipped 1.9%, financials retreated 1.6%, and industrials backpedaled 1.4%.

The three gainers proved to be gold, up 0.3%, energy, better by 0.2%, and materials, nosing up 0.02%.


U.S. stocks seesawed Thursday, as traders weighed sharp swings in stocks and rates to start the month.

The Dow Jones Industrials handed back 234.96 points in gains to commence business Thursday at 30,038.91.


The S&P 500 docked 30.12 points to 3,753.16.

The NASDAQ Composite dropped 76.93 points to 11,071.70.

Still, all major averages are on pace to end the week about 5% higher.

Energy was the best-performing sector, gaining 1.2%. Utilities lagged, falling more than 1%.

Weekly jobless claims rose more than expected last week, the Labor Department reported Thursday.

Initial filings for unemployment benefits totaled 219,000 for the week ended Oct. 1, up 29,000 from the week before and higher than the 203,000 estimate. The downwardly revised 190,000 from the previous week was the lowest level since April 23.

Treasury prices stumbled, lifting yields to 3.84% from Wednesday’s 3.75%. Treasury prices and yields move in opposite direction.

Oil prices recovered 47 cents to $88.23 U.S. a barrel.

Gold prices faltered $1.60 to $1,719.20 U.S. an ounce.