TSX Ends Notably Lower On Widespread Selling
(RTTNews) - The Canadian market ended on a weak note on widespread selling on Thursday with those from industrials and financials sectors suffering sharp losses.
Rising bond yields, concerns about the outlook for interest rates and escalating tensions in the Middle East weighed on the market.
According to reports, a deadly missile attack on Al-Ahli Baptist Hospital in Gaza killed more than 500 people including women and children.
Hamas attributed the blast to an Israeli airstrike, but the Israeli military said it was not involved and the explosion was caused by a misfired Palestinian rocket.
The benchmark S&P/TSX Composite Index ended down 242.10 points or 1.23 percent at 19,450.70, slightly off the day's low of 19,434.34.
BRP Inc (DOO.TO) fell 7.3%. ATS Corporation (ATS.TO) drifted down nearly 6%. Stantec Inc (STN.TO), TFI International (TFII.TO), Magna International (MG.TO), Cargojet (CJT.TO), Canadian National Railway (CNR.TO), goeasy (GSY.TO), Premium Brands Holdings (PBH.TO), Bank of Montreal (BMO.TO) and Fairfax Financial Holdings (FFH.TO) lost 2 to 4.5%.
CGI Inc (GIB.A.TO) announced that its subsidiary CGI Federal has received a multi-year contract worth about $522.6 million to modernize systems and technology of the U.S. Environmental Protection Agency. The stocks ended marginally up.
On the economic front, data from the Canada Mortgage and Housing Corporation showed housing starts in Canada edged up by 8% over a month earlier to 270,466 units in September.
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