TSX Ends Notably Lower Again
(RTTNews) - The Canadian market ended on a weak note on Wednesday, losing more than 1% for a second straight day, as worries about growth, and concerns about U.S. lawmakers' ability to reach an agreement on increasing the U.S. debt ceiling continued to weigh.
While negotiations have continued this week, traders remain worried about reports suggesting a lack of progress towards a deal.
House Speaker Kevin McCarthy, R-Calif., told reporters the two sides remain "far apart," with ongoing talks hitting a snag over Republicans' demand for spending cuts.
The benchmark S&P/TSX Composite Index ended down 218.32 points or 1.08% at 19,927.69, a two-month closing low.
Materials, financials, industrials and communications shares were among the major losers.
Toromont Industries (TIH.TO) ended more than 5% down. Canadian Tire Corporation (CTC.TO), ATS Corporation (ATS.TO), Bank of Montreal (BMO.TO) and Nutrien (NTR.TO) ended lower by 3.5 to 4.5%. Cargojet (CJT.TO) and TFI International (TFII.TO) both ended nearly 3% down.
Canadian Pacific Kansas City (CP.TO), goeasy (GSY.TO), National Bank of Canada (NA.TO), Fairfax Financial Holdings (FFH.TO), Franco-Nevada Corporation (FNV.TO) and Canadian National Railway (CNR.TO) declined 1 to 2.2%.
Shopify Inc (SHOP.TO), Empire Company (EMP.A.TO), Aritzia Inc (ATZ.TO), Precision Drilling Corporation (PD.TO) and Loblaw Companies (L.TO) advanced 1 to 1.8%.
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