HomeFinancial MarketsCanadian Stocks Post Largest Weekly Decline of 2023

Canadian Stocks Post Largest Weekly Decline of 2023

Canadian stocks ended the week lower following a fifth consecutive daily loss. This comes after investors expressed anxiety at the possibility of interest rates remaining higher for longer than previous assessments suggested.

The Toronto Stock Exchange’s S&P/TSX composite index ended Friday 11.65 points lower, or 0.1%, at 19,779.97. This is the index’s lowest closing level since August 24. For the week, it declined by 4.1%; its heaviest weekly loss for the entire year to date.

“I think the market is grappling with the comments from the Federal Reserve bank about possibly higher for longer interest rates,” Stan Wong, a portfolio manager at Scotia Wealth Management said of investors’ rate concerns. “Certainly rising bond yields have had an effect on equity markets.” Much like the US Federal Reserve, the Bank of Canada is expected to leave rate higher for longer, particularly after inflation data on Tuesday showed that Canadian inflation remains elevated.

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