Canadian equities fell sharply on Tuesday, as fears of extra charge hikes alarmed traders. The S&P/TSX Composite Index dived by 239 factors, or 1.2%, to settle at 20,276. With this, the index marked its worst single-day losses since February 21.

The Federal Reserve chair Jerome Powell, in his testimony earlier than the U.S. Senate on March 7, mentioned that “if the totality of the info had been to point that sooner tightening is warranted, we’d be ready to extend the tempo of charge hikes,” triggering a selloff throughout key inventory market sectors. As well as, huge losses throughout commodity markets drove shares of steel mining and power corporations decrease.

Prime TSX Composite movers and lively shares

BlackBerry (TSX:BB) inventory tanked 11.7% to $4.81 per share, making it the worst-performing TSX Composite element for the day. These huge losses in BB inventory got here a day after the Waterloo-based software program agency introduced the preliminary monetary outcomes for the fourth quarter of its fiscal yr 2023 (led to February).

BlackBerry expects its quarterly income to be round US$151 million, as macroeconomic challenges continued to harm its cybersecurity phase. This anticipated income determine was decrease than analysts’ estimates of US$160.7 million, hurting traders’ sentiments. On a year-to-date foundation, BB inventory now trades with 9.1% positive aspects.

Equinox Gold, IAMGOLD, and Centerra Gold had been additionally among the many backside performers on the Toronto Inventory Change yesterday, as they slipped by no less than 5.4% every.

On the flip aspect, shares of BELLUS Well being and Brookfield Renewable Companions superior by no less than 3.1% every, making them the top-performing TSX shares for the day.

Suncor Power, Manulife Monetary, Canadian Pure Sources, and TD Financial institution had been among the many most lively Canadian shares primarily based on their day by day commerce quantity.

TSX in the present day

After witnessing heavy losses within the final session, commodity costs throughout the board had been blended early Wednesday morning, pointing to a flat open for the principle TSX benchmark in the present day. Fed chair’s testimony earlier than the U.S. Senate will proceed for the second consecutive day in the present day. Apart from that, the Financial institution of Canada’s newest rate of interest determination, U.S. job openings, and non-farm employment information shall be on TSX traders’ radar and add to the market volatility.

On the company occasions entrance, a number of giant TSX-listed corporations, together with Vermilion Power, Parex Sources, Linamar, Granite REIT, Peyto Exploration & Growth, WSP International, Spin Grasp, Nuvei, Stella-Jones, and Transcontinental, are anticipated to launch their newest quarterly outcomes on March 8.

Market movers on the TSX in the present day