TSX Sheds Nearly 1% As Fed Announces Another Aggressive Rate Hike
(RTTNews) - Canadian stocks ended notably lower on Wednesday, weighed down by the Federal Reserve's announcement of a 75-basis point interest rate hike and the Fed Chair Jerome Powell's remarks that the central bank will need to keep raising rates "for some time" to combat elevated inflation.
The benchmark S&P/TSX Composite Index ended with a loss of 184.15 points or 0.95% at 19,184.54, the day's low.
Energy stocks fell as crude oil prices dropped amid concerns about outlook for energy demand. Healthcare, consumer staples, consumer discretionary and financials shares were among the other major losers.
Teck Resources (TECK.B.TO) declined 4.4%. The company said that there has been a structural failure of the plant feed conveyor belt at its Elkview steelmaking coal operation in the Elk Valley of British Columbia. It is expected that production at Elkview Operations will be interrupted for 1-2 months as repairs are implemented.
Teck expects the impact on 2022 steelmaking coal production will be in the range of 1.5 million tonnes, assuming a two-month suspension of plant operations.
Nuvei Corporation (NVEI.TO), Spin Master Corp (TOY.TO), Rogers Communications (RCI.A.TO), Boyd Group Services (BYD.TO), Tourmaline Oil Corp (TOU.TO), Precision Drilling Corporation (PD.TO) and goeasy (GSY.TO) lost 2 to 4.3%.
Bombardier Inc. (BBD.A.TO) surged 4.6%. Telus International (TIXT.TO) gained 3.5% and FirstService Corporation (FSV.TO) surged 2.5%, while Lightspeed Commerce (LSPD.TO), Canadian Apartment Properties Real Estate (CAR.UN), CCL Industries (CCL.A.TO) and Descartes Systems (DSG.TO) gained 1 to 2.3%.
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