TSX Ends Slightly Weak Ahead Of BoC Rate Decision

(RTTNews) - The Canadian market ended weak on Tuesday after a cautious session as investors awaited the Bank of Canada's interest rate decision on Wednesday, and the U.S. non-farm payroll data due on Friday.

The Canadian central bank is widely expected to leave its key interest rate unchanged.

On the economic front today, a report from S&P Global showed the S&P Global Canada Composite PMI dropped to 44.8 in November from 46.7 in October, marking the most significant decline since June 2020.

Meanwhile, the S&P Global Canada Services PMI fell to 44.5 in November, down from 46.6 in the previous month, marking the sixth consecutive month of contraction, and the sharpest drop since June 2020.

The benchmark S&P/TSX Composite Index ended down 34.28 points or 0.17% at 20,375.93 after moving in a very narrow range. The index, which advanced to 20,453.69 in early trades, dropped to a low of 20,361.22 in the session.

Healthcare, materials and energy stocks closed weak. Technology stocks found support, and a few stocks from consumer staples and real estate sectors too posted notable gains.

The Health Care Capped Index dropped 3.07%. Tilray Inc (TLRY.TO) ended 8.7% down, and Bausch Health Companies (BHC.TO) drifted down 4.4%, while Chartwell Retirement Residences (CSH.UN.TO) gained about 1.5%.

Energy stocks fell as oil prices slipped amid concerns about the outlook for energy demand. Baytex Energy (BTE.TO), Precision Drilling Corporation (PD.TO), Nuvista Energy (NVA.TO), Vermilion Energy (VET.TO), MEG Energy Corp (MEG.TO), Cenovus Energy (CVE.TO) and Arc Resources (ARX.TO) ended lower by 2 to 4%.

Among materials shares, Torex Gold Resources (TXG.TO) tumbled 7.19%. Seabridge Gold (SEA.TO) ended lower by 5.5%. Shares of IAMGOLD ended 4.7% down. The company announced that it plans to buy Vanstar Mining Resources in a $31.1 million deal.

Ero Copper (ERO.TO), Canfor Corp (CFP.TO), Pan American Silver Corp (PAAS.TO), MAG Silver Corp (MAG.TO), Filo Mining (FIL.TO), Franco-Nevada Corp (FNV.TO) and Stelco Holdings (STLC.TO) lost 2 to 4.6%.