TSX Experiences Longest Losing Streak of 2023 Amid Tech Stock Declines
TSX posts longest daily losing streak this year as tech shares slide
Mint
Image: Mint
The Toronto Stock Exchange's S&P/TSX composite index fell for the fourth consecutive day, closing down 0.7% at 33,584.34. This decline was driven by a 14.5% drop in shares of Celestica Inc and a 3.8% decrease in the materials sector, despite a 2% gain in energy stocks due to rising oil prices.
- 01TSX index down 0.7%, marking its longest losing streak of 2023.
- 02Celestica Inc shares fell 14.5% following disappointing quarterly results.
- 03Materials sector declined 3.8% as gold prices hit a near four-week low.
- 04Energy sector rose 2% with oil prices settling at $99.93 per barrel.
- 05Bank of Canada expected to maintain interest rates amid economic forecasts.
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The Toronto Stock Exchange's S&P/TSX composite index declined for the fourth consecutive day, closing down 233.85 points, or 0.7%, at 33,584.34. This marks the index's longest daily losing streak since December 2022. The technology sector was particularly hard hit, with shares of Celestica Inc plummeting 14.5% after the company reported disappointing quarterly results, contributing to a 4.3% decline in the sector overall. The materials group, which includes metal mining shares, fell 3.8% as gold prices dropped to a near four-week low. Despite these declines, the energy sector saw a 2% increase as oil prices rose 3.7% to settle at $99.93 per barrel, driven by ongoing supply constraints from the Middle East. Analysts indicate that the market is currently more focused on technology earnings than geopolitical tensions. The Bank of Canada is anticipated to keep its benchmark interest rate steady at 2.25% during its upcoming meeting, as the economic outlook remains cautious amidst a prolonged slump in the housing market.
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The decline in the TSX may affect investor confidence and household spending, particularly in light of the ongoing slump in the housing market.
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