Technology sector also gains ground, rising 1.7 per cent\u003B industrials jump 1.1 per cent
The materials group, which includes precious and base metals miners and fertilizer companies, added 2.2% as gold touched its highest level since June at nearly $1,850 per ounce.The TSX fell 8.7% in 2022 along with declines for many major global benchmarks as central banks, including the Bank of Canada, raised interest rates aggressively to tackle soaring inflation.Article content
“It is increasingly likely that the global economy is entering a meaningful slowdown, considering the lagged and variable effects of rising interest rates,” Michael said. Data on Tuesday showed that Canadian factory activity contracted for a fifth straight month owing to weakening demand and an uncertain economic outlook.
Capping gains for the index was a sharp decline in energy shares, falling 5.8%, as oil prices settled 4.1% lower at $76.93 a barrel. Oil was pressured by weak demand data from China, a gloomy economic outlook and a stronger U.S. dollar. Shaw Communications Inc was also a drag, ending nearly 1% lower after a Federal Court put a stay on the telecom company’s C$20 billion merger with Rogers Communications Inc.Share this Story:
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