Stocks Slide to Close August


Stocks in Toronto declined sharply Wednesday, as weakness in metals more than offset gains in health-care and technology issues.

The TSX declined 182.09 points to finish Wednesday at 19,330.81

The Canadian dollar fell 0.25 cents to 76.14 cents U.S.

Gold weighed heaviest on the market, as B2Gold fell six cents, or 1.5%, to $4.02, while Eldorado Gold dropped off nine cents, or 1.2%, to $7.25.

In communications, Rogers hurtled lower 84 cents, or 1.5%, to $56.62, while Quebecor lost 31 cents, or 1.1%, to $28.40.

In materials, Agnico Eagle Mines skidded $1.17, or 2.1%, to $54.25, while SilverCrest Metals dipped a dime, or 1.4%, to $7.17.

Health-care concerns had a good day, however, led by Bausch Health, up $1.17, or 17.4%, to $7.89, while Aurora Cannabis tacked on 12 cents, or 6%, to $2.11.

In techs, Dye & Durham jumped 76 cents, or 5.5%, to $14.50, while Open Text Corporation popped $1.15, or 2.8%, to $41.59.

In industrials, Bombardier leaped 71 cents, or 2.1%, to $32.73, while Finning International hiked 60 cents, or 2.2%, to $28.26.

On the economic front, Statistics Canada reported real gross domestic product rose 0.8% in the second quarter, driven by increased business investment in inventories, non-residential structures, machinery and equipment, and household spending on services and semi-durable goods.

ON BAYSTREET

The TSX Venture Exchange regained 3.11 points to 638.44.

All but three of the 12 TSX subgroups lost ground, as gold dropped 1.3%, communications fell 1.1%, and materials skidded 1%.

The three gainers were health-care, which jumped 3.8%, information technology, eking up 0.2%, and industrials, stepping up but 0.1%.

ON WALLSTREET

Stocks fell for a fourth straight day on Wednesday, the last day of August, putting the summer market comeback in doubt as investors weighed the Federal Reserve’s inflation-fighting efforts.

The Dow Jones Industrials plummeted 280.44 points to close at 31,510.43.

The S&P 500 dropped 31.16 points to 3,955.

The NASDAQ Composite tumbled 66.93 points to 11,816.20.

What began as a strong month for the three major averages ended on a weaker note. The Dow finished August down nearly 4.1%, while the S&P stumbled 4.2% on the month and the NASDAQ posted a monthly loss of 4.6%.

Treasury prices lost some spunk, raising yields to 3.19% from Tuesday’s 3.13%. Treasury prices and yields move in opposite direction.

Oil prices backed off $2.81 to $88.83 U.S. a barrel.

Gold prices tumbled $14.40 to $1,721.90 U.S. an ounce.

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