TSX Ends Nearly 300 Pts Down As Stocks Tumble On Growth Worries

(RTTNews) - The Canadian market suffered one of its worst setbacks in several months on Tuesday as stocks tumbled on concerns about growth and interest rate outlook, and weak commodity prices, ahead of the Federal Reserve's monetary policy announcement.

The benchmark S&P/TSX Composite Index ended down by 297.08 points or 1.35% at 21,714.54.

Energy and materials stocks suffered the most. The Energy Capped Index and the Materials Capped Index dropped 3.07% and 3.06%, respectively. Industrials, technology and consumer staples stocks were the other major losers.

Ag Growth International (AFN.TO) tanked nearly 14%. Cameco Corporation (CCO.TO), Molson Coors Canada (TPX.B.TO), Methanex Corporation (MX.TO), Precision Drilling Corporation (PD.TO), TFI International (TFII.TO), goeasy (GSY.TO) and Colliers International (CIGI.TO) lost 2 to 7%.

Canopy Growth Corporation (WEED.TO) skyrocketed 80%. Aurora Cannabis (ACB.TO) and Tilray Brands (TLRY.TO) soared 46.2% and 42%, respectively.

Restaurant Brands International (QSR.TO) gained 3.6%. The company reported adjusted profit of US$ 331 million, or US$ 0.73 per share for the first quarter of this year, compared with adjusted profit of US$ 340 million, or US$ 0.75 per share, last year.

Cargojet (CJT.TO), CCL Industries (CCL.A.TO) and Boyd Group Services (BYD.TO) also ended sharply higher.

Data from Statistics Canada showed the nation's economy grew by 0.2% in February, less than the preliminary estimate of 0.4%. According to preliminary estimate, the Canadian economy is expected to have remain unchanged in March 2024.