Equities in Canada’s largest centre added Friday to its weekly losses, echoing weak sentiment on Wall Street, after Federal Reserve Chair Jerome Powell said U.S. monetary policy will need to be tight “for some time” before inflation is under control.
The TSX plummeted 299.05 points, or 1.5% to close off Friday at 19,873.20. Over the last five sessions, the index lost 238 points, or 1.2%.
The Canadian dollar fell 0.58 cents to 76.71 cents U.S.
Health-care weighed most heavily on the market by the close, with Canopy Growth down 47 cents, or 8.6%, to $4.97, while Aurora Cannabis dipped 18 cents, or 8.2%, to $2.01.
OpenText fell $6.55, or 13.6%, to $41.59, after the software company agreed to buy British enterprise software maker Micro Focus in an all-cash deal valuing it at $6 billion including debt. Elsewhere in the tech sector, Dye & Durham, sank 32 cents, or 6.2%, to … Read more