TSX Ends Lower As Resources Stocks Fall On Weak Commodity Prices

(RTTNews) - The Canadian market ended lower on Wednesday as energy and materials shares reeled under selling pressure as oil and metal prices fell. Concerns about the outlook for interest rates weighed as well on sentiment.

Data showing an unexpected increase in U.S. crude inventories in the week ended May 17th weighed on oil prices, and gold prices fell on concerns the Fed will keep interest rates higher for longer than earlier thought.

The minutes of the Federal Reserve's latest policy meeting showed policymakers expect to maintain interest rates at current levels longer than previously thought.

The benchmark S&P/TSX Composite Index ended with a loss of 121.40 points or 0.54% at 22,346.76. The index, which opened modestly lower at 22,434.12, dropped to a low of 22,283.49 in late afternoon trades.

Iamgold Corp (IMG.TO) tanked more than 10%. Ivanhoe Mines (IVN.TO) tumbled 8.9%. Teck Resources (TECK.A.TO) ended nearly 5% down. Newmont Corporation (NGT.TO) drifted down 3.7%.

Franco-Nevada Corporation (FNV.TO), Agnico Eagle Mines (AEM.TO), Cameco Corporation (CCO.TO) and Canadian Natural Resources (CNQ.TO) lost 1.9 to 2.7%.

Barrick Gold Corporation (ABX.TO), B2Gold Corp (BTO.TO), Canfor Corp (CFP.TO), CCL Industries (CCL.B.TO), Eldorado Gold (ELD.TO), Ero Copper (ERO.TO), International Petroleum Corp (IPCO.TO), MEG Energy (MEG.TO) and Imperial Oil (IMO.TO) also ended sharply lower.

Bombardier Inc (BBD.B.TO) soared 15.6%. Canadian Tire Corporation (CTC.TO), Dayforce (DAY.TO), Shopify Inc (SHOP.TO), Celestica Inc (CLS.TO), Snc-Lavalin Group (ATRL.TO) and Alimentation Couche-Tard (ATD.TO) gained 2 to 4%.