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Many TSX stocks have been on a downward trend for quite some time. But this phenomenal TSX stock hasn’t been this cheap since the pandemic. The stock in question is Magna International (TSX:MG), one of the largest auto components suppliers. What caused this downtrend? Is this a permanent descent or a phase that will pass?
A phenomenal TSX stock that hasn’t been this cheap in a while
Magna’s stock price downtrend began in January 2022 and has since fallen 46%. At the time of the writing, Magna stock made a new 52-week low of below $60, a level last seen in 2020. Even the Bank of Canada’s interest rate cut could not spur growth in the stock price. The reason for this is the continued business uncertainty.
The automotive industry has been going through a tough time. High inflation increased the cost of living, shifting consumer spending from discretionary to essential. The Bank of Canada increased…
