Listen Live
HomeBusiness ReportAFTER THE BELL: TSX loses earlier gains as pot stocks tumble, tariff...

AFTER THE BELL: TSX loses earlier gains as pot stocks tumble, tariff threat shakes Dow

The TSX fizzled today as the exchange retreated from earlier gains.

Canada’s stock exchange finished 166 points lower with losses in 10 of 11 sectors.

Among the biggest drags were the energy and health care sectors as the price of oil slipped and pot stocks tumbled.

Health care fell a whopping 10.1 percent as cannabis stocks continue their slump since marijuana was legalized across Canada on Oct. 17.

Shares in most cannabis companies have tumbled 25 percent since mid-October, and the meltdown continued today.

Aurora Cannabis, Aphria, Hydropothecary, and Canopy Growth were among the most actively traded companies on the index and all fell between 8.2 and 17.3 percent on diminishing investor interest.

Even with U.S. sanctions on Iranian crude exports kicking in Nov. 4, oil prices declined with demand ruling the day.

Oil slipped 87 cents to $67.72 US a barrel as investors fret that a slowing global economy and the U.S./China trade war will heighten demand.

In New York, the Dow lost 245 points after Bloomberg reported that the U.S. is threatening to slap an additional $257 billion worth of new tariffs on Chinese goods.

The news had a ripple effect on the market and hit industrial bellwether Boeing hard, as the plane maker’s shares fell 6.5 percent, marking its worst daily performance since January 2016.

The tech sector was also a lag with drops in Microsoft, Apple, and Intel.

The Dow is trying to recover from last week’s steep losses and an October that has seen the index drop 6.7 percent.

The Nasdaq lost 116 points with shares in Netflix and Amazon falling significantly. The index was coming off its fourth straight week of losses and is limping badly this month. If the doldrums continue, the index will be on pace for its worst October since the financial crisis.

Gold lost $3.40 to $1,229 an ounce against a strengthening greenback while the loonie weakened, off by 13/100ths of a cent to $0.7616 US.

- Advertisement -
- Advertisment -
- Advertisment -
- Advertisement -

Continue Reading