Stocks Fall Again by Noon, After Morning Gains
Canada''s main stock index lost ground it had initially gained on Thursday, aided by gains in Bombardier Inc., although advances were limited by weakness in miners and on concerns over a global recession due to aggressive interest rate hikes. The SP|TSX tumbled 194.38 points, or 1%, to proceed into lunch hour Thursday at 18,809.66. The Canadian dollar withered 0.07 cents to 77.06 cents U.S. Bombardier acquired 39 cents, or 1.7%, to $23.55, %, after it said on Wednesday that workers on a key program for the business jet maker ratified a new labour contract that will deliver pay hikes of up to 18.5% over five years. Tech stocks gathered momentum, as Shopify leaped $30.93, or 7.1%, to $469.57. Energy dragged, though, as Baytex Energy tailed off 63 cents, or 10%, to $5.67. Bank of Canada Senior Deputy Governor Carolyn Rogers said on Wednesday that inflation in Canada was much too high and did not rule out a 75-basis-point increase at the central bank''s July decision. ON BAYSTREET The TSX Venture Exchange was in the red 6.29 points, or 1%, to 634.61.
Stocks Fall Again by Noon, After Morning Gains
Canada''s main stock index lost ground it had initially gained on Thursday, aided by gains in Bombardier Inc., although advances were limited by weakness in miners and on concerns over a global recession due to aggressive interest rate hikes. The SP|TSX tumbled 194.38 points, or 1%, to proceed into lunch hour Thursday at 18,809.66. The Canadian dollar withered 0.07 cents to 77.06 cents U.S. Bombardier acquired 39 cents, or 1.7%, to $23.55, %, after it said on Wednesday that workers on a key program for the business jet maker ratified a new labour contract that will deliver pay hikes of up to 18.5% over five years. Tech stocks gathered momentum, as Shopify leaped $30.93, or 7.1%, to $469.57. Energy dragged, though, as Baytex Energy tailed off 63 cents, or 10%, to $5.67. Bank of Canada Senior Deputy Governor Carolyn Rogers said on Wednesday that inflation in Canada was much too high and did not rule out a 75-basis-point increase at the central bank''s July decision. ON BAYSTREET The TSX Venture Exchange was in the red 6.29 points, or 1%, to 634.61.