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TSX Ends Moderately Lower
(RTTNews) - The Canadian market opened modestly higher on Thursday but retreated soon and stayed weak till the very end of the session amid concerns about the outlook for interest rates and economic growth.
Technology, communications and consumer discretionary stocks were the prominent losers. Several stocks from industrials and financials sectors too closed weak, while energy stocks rallied on firm crude oil prices.
The benchmark S&P/TSX Composite Index ended with a loss of 86.84 points or 0.44% at 19,812.23, a six-week closing low.
Technology stocks Shopify Inc (SHOP.TO), Enghouse Systems (ENGH.TO), Lightspeed Commerce (LSPD.TO), Converge Technology Solutions (CTS.TO) and Dye & Durham (DND.TO) gained 2.8 to 4%.
Among communications shares, Quebecor Inc. (QBR.B.TO) ended nearly 4% down, and Cogeco Communications (CCA.TO) drifted down 3.1%.
Consumer discretionary stocks Magna International (MG.TO) and Canadian Tire Corporation (CTC.A.TO) lost 2.4% and 1.7%, respectively. Brp Inc (DOO.TO), Restaurant Brands International (QSR.TO) and Spin Master Corp (TOY.TO) also ended notably lower.
Among energy stocks, Suncor Energy (SU.TO), Birchcliff Energy (BIR.TO), Imperial Oil (IMO.TO) and MEG Energy Corp (MEG.TO) gained 2 to 2.5%. Tourmaline Oil Corp (TOU.TO), Peyto Exploration (PEY.TO), Enerplus Corp (ERF.TO) and Arc Resources (ARX.TO) also ended sharply higher.
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