Energy, financials pull TSX out of slump

By Staff | November 17, 2015 | Last updated on November 17, 2015
1 min read

The TSX broke an eight-session losing streak yesterday, with gains that were led by the energy and financials sectors, says Prab Sagoo, associate director at Nasdaq Advisory Services, in his weekly commentary.


  • Between October 8th and November 13th, the TSX lost 6.5%, as investors sold into the sharp gains made in October. Energy stocks had lost close to 10% during that period.
  • CFTC data indicates that money managers have reduced net longs on U.S. crude futures to the lowest level in three months. This indicates that bearish sentiment continues to exist on crude oil, and that will continue to weigh down any potential TSX gains.
  • The index is finding some technical support at just below the 13,100 level, though it is one of the worst-performing indices amongst developed markets this year.
  • Investors will keep a close watch on Federal Reserve speeches this week, though the headline will be Wednesday’s release of the October FOMC minutes.
  • During September, international investors returned to purchase Canadian equities, with U.S. investors particularly active. Meanwhile, Canadian investors rotated into the safety of U.S. names, while also continuing to add to emerging markets assets in search of better returns. staff


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