What’s going on here?
The Toronto Stock Exchange took a hit as the S&P/TSX Composite Index dipped by 32.8 points to 24,841.68, marking only its third loss in the past 13 sessions.
What does this mean?
The Toronto market was pulled down by declines in several sectors: Base Metals, Energy, and Technology fell by 3.15%, 2.30%, and 1.78% respectively. However, Telecoms and Utilities provided some support with increases of 1.40% and 0.99%. Economist David Rosenberg pegged Canada’s Q1 GDP growth at a subdued 1.6%, reflecting a slow rebound from February’s economic shrinkage. Weakness in construction, real estate, and retail highlights the economy’s vulnerability to monetary policies. February’s GDP dip was the steepest in over two years, fueling uncertainties that are likely to dampen consumer confidence and investments. Further pressure came as West Texas Intermediate crude hit a two-year low at $58.21 per barrel, while gold prices…
