Stocks Stumble by Noon

Baystreet Canada Equities in Canada’s largest centre tracked losses in energy and material companies as aggressive monetary tightening by central banks raises prospects of a global recession. The TSX Composite retreated 112.37 points to move into noon hour Thursday at 19,613.77. The Canadian dollar fell 0.26 cents to 75.72 cents. Gold stocks weighed most heavily, as Wesdome Gold Mines dropped 35 cents, or 4.1%, to $8.21. Equinox Gold fell 22 cents, or 4.7%, to $4.42. In energy stocks, Crescent Point Energy dived 31 cents, or 3.2%, to $9.29, while Baytex Energy lost 25 cents, or 3.7%, to $6.54. Communications provided one of the few bright spots, as Rogers soared 68 cents, or 1.3%, to $54.74, while Quebecor gained 30 cents, or 1.1%, to $27.04. On the economic front, Statistics Canada said Canadian auto sales were down 16.2% in July to 130,480 units. What’s more, the Canadian Real Estate Association reported national home sales edged down 1% on a month-over-month basis in August. Actual (not seasonally-adjusted) monthly activity came in 24.7% below August 2021. more…