Stocks Slide Yet Again
Canada''s main stock index fell on Friday, as the technology sector echoed a downbeat mood on Wall Street following Amazon''s disappointing forecast. Even so, the index was on track for nine straight months of gains. The SP|TSX Composite had ditched 83.57 points to pause for noon hour at 21,037.49 The Canadian dollar tumbled 0.3 cents to 78.06 cents U.S. Financials suffered, dragged down by a fall of $1.84, or 13.3%, in shares of NFI Group to $12.03, following a downbeat 2022 forecast. On the earnings front, Imperial Oil rose 12 cents to $64.24, after reporting a first-quarter profit that nearly tripled, while pipeline operator TC Energy fell $2.23, or 3.1%, to $69.44, despite turning a quarterly profit. Magna International fell 24 cents, to $79.68, after the auto parts maker lowered its annual profit forecast on Friday as strict COVID-19 lockdowns in China, rising inflation and raw material costs are set to pressure vehicle sales. On the economic front, StatsCan said the domestic economy most likely grew by 5.6% on an annualized basis in the first quarter, as growth in February beat expectations and real gross domestic product was seen increasing again in March.
Stocks Slide Yet Again
Canada''s main stock index fell on Friday, as the technology sector echoed a downbeat mood on Wall Street following Amazon''s disappointing forecast. Even so, the index was on track for nine straight months of gains. The SP|TSX Composite had ditched 83.57 points to pause for noon hour at 21,037.49 The Canadian dollar tumbled 0.3 cents to 78.06 cents U.S. Financials suffered, dragged down by a fall of $1.84, or 13.3%, in shares of NFI Group to $12.03, following a downbeat 2022 forecast. On the earnings front, Imperial Oil rose 12 cents to $64.24, after reporting a first-quarter profit that nearly tripled, while pipeline operator TC Energy fell $2.23, or 3.1%, to $69.44, despite turning a quarterly profit. Magna International fell 24 cents, to $79.68, after the auto parts maker lowered its annual profit forecast on Friday as strict COVID-19 lockdowns in China, rising inflation and raw material costs are set to pressure vehicle sales. On the economic front, StatsCan said the domestic economy most likely grew by 5.6% on an annualized basis in the first quarter, as growth in February beat expectations and real gross domestic product was seen increasing again in March.