TSX Ends Sharply Lower As Stocks Tumble On Global Weakness

(RTTNews) - The Canadian market ended sharply lower on Monday, extending losses from the previous session, as rising worries about global economic slowdown, higher bond yields and looming interest rate hikes triggered heavy selling across the board.

The benchmark S&P/TSX Composite Index, which tanked to 19,602.90, ended the session with a loss of 532.26 points or 2.63% at 19,742.56.

The mood was so bearish and selling so widespread that all the sectoral indexes fell sharply. The Consumer Staples, which dropped as much as 1.37%, was the least hurt in the sell-off. The Health Care Capped Index suffered the most, losing about 5.1%. The Materials Index drifted down 4.75%, while the Information Technology, Real Estate and Energy indexes lost 3 to 3.55%.

Scores of stocks from financials, industrials, consumer services and utilities sections too ended with sharp losses.

Methanex Corporation (MX.TO) and Shopify Inc (SHOP.TO) ended lower by 9.7% and 9.4%, respectively. Nuvei Corporation (NVEI.TO) shed about 8.25%, while West Fraser Timber (WFG.TO), Goeasy (GSY.TO) and Precision Drilling (PD.TO) lost 6 to 6.5%.

Aurora Cannabis (ACB.TO) plunged more than 10%. SSR Mining (SSRM.TO), Eldorado Gold (ELD.TO), Intefor Corp (IFP.TO), Lundin Mining (LUN.TO), Teck Resources (TECK.B.TO) and Agnico Eagle Mines (AEM.TO) lost 5 to 7.5%.

Bausch Health Companies (BHC.TO), Cargojet (CJT.TO), Colliers International (CIGI.TO), Franco-Nevada Corporation (FNV.TO), Fairfax Financial Holdings (FFH.TO), Vermilion Energy (VET.TO), Canadian Natural Resources (CNQ.TO), Manulife Financial (MFC.TO), National Bank of Canada (NA.TO), Canadian Imperial Bank of Commerce (CM.TO) and Sun Life Financial (SLF.TO) were amont the other major losers.

Markets across the world tumbled on Monday. On Wall Street, the Dow shed 2.8%, the Nasdaq plummeted 4.7% and the S&P 500 fell 3.7%.

Among the major European markets, the U.K.'s FTSE 100 ended 1.53% down, Germany's DAX shed 2.43% and France's CAC 40 dropped 2.67%. The pan European Stoxx 600 drifted down 2.41%.

Among the major Asian indices, the Nikkei fell 3.01%, the Hang Seng tumbled 3.39% and the Shanghai Composite dropped 0.89%. Australia's S&P/ASX 200 ended 1.25% down, while India's Sensex lost about 2.7%.