On the last trading day of February, Canada’s benchmark stock index fell, led by energy and industrials losses, followed by the utilities and financial sectors. Top lenders Bank of Montreal and Bank of Nova Scotia pointed to economic pain ahead with higher loan loss provisions and a fall in quarterly profits. The financial sector was set for a 1 per cent monthly decline. New Statistics Canada data showed that the economy contracted 0.1 per cent in December from the previous month, below analyst expectations.
Hopes of a market recovery were sparked by a recent a rebound in risk-sentiment, but the TSX is set for its first February losses in two years, down 2.8 per cent.
Sponsored by
The story was similar on Wall Street where the major indexes are on pace for their second negative month in three, despite a solid start to the year. The Dow is down 4 per cent for the month and is down year to date. The S&P 500 has lost 2.5 per cent, and NASDAQ gave up 1 per cent in February. Investors on both sides of the border fear that the US Federal Reserve will stick to its hawkish stance on monetary tightening.
Today in the Markets
| TSX | 20,221.19 | -38.94 |  |
| TSXV | 630.46 | +5.63 |  |
| CSE | 191.60 | +1.21 | |
| DJIA | 32,656.70 | -232.39 | |
| NASDAQ | 11,455.54 | -11.44 | |
| S&P 500 | 3,970.15 | -12.09 | |
The Canadian dollar traded for 73.28 cents US, compared to 73.67 cents US on Monday.
US crude futures traded $1.15 higher at $76.83 a barrel, and the Brent contract gained $1.44 to $83.89 a barrel.
The price of gold was up 9.23 to US$1,826.49.
In world markets, the Nikkei was up 21.60 points to 27,445.56, the Hang Seng was down 157.57 points to 19,785.94, the FTSE was down 58.83 points to 7,876.28, and the DAX was down 16.29 points to 15,365.14.
Get @ the Bell delivered to your email inbox every day!
DISCLAIMER: By viewing any material on or distributed by The Market Herald Publishing Ltd. and its Information Providers you agree to both the following disclaimer, and the full disclaimer that can be viewed here.
Any holdings, theories, speculation or trades appearing anywhere on The Market Herald network of websites should not be relied upon for purposes of transacting securities or other investments, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. This applies to any material regardless of source, placement, presentation or reproduction. Any Information Providers to The Market Herald or employees of The Market Herald may from time to time have positions in the stocks or other entities mentioned anywhere on The Market Herald Network of websites. You bear responsibility for your own investment research and decisions and should seek the advice of a qualified securities professional before making any investment. The Market Herald and its contributors makes no guarantee as to the validity of any information, speculation, theories or research presented herein whether pertaining to the past, present or future. The Service and The Materials are provided by The Market Herald and other Information Providers on an “as is” basis, and The Market Herald and other Information Providers expressly disclaim any and all warranties, express or implied, including, without limitation, warranties of satisfactory quality and fitness for a particular purpose, with respect to the service or any materials and products. In no event shall The Market Herald and other Information Providers be liable for any direct, indirect, incidental, punitive, or consequential damages of any kind whatsoever with respect to The Service, The Materials, and The Products.