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TSX Ends Weak For 2nd Straight Day
(RTTNews) - The Canadian market ended notably lower for a second successive session, as stocks tumbled on Wednesday amid rising concerns about interest rates and the outlook for global economic growth.
The benchmark S&P/TSX Composite Index, which dropped to 19,341.44 around mid afternoon, regained some lost ground subsequently to eventually settle at 19,435.98 with a loss of 120.17 points or 0.61%.
Utilities, materials, communications, real esate, and financials shares lost ground. Energy stocks outperformed thanks to higher crude oil prices.
Brookfield Renewable Partners (BEP.UN.TO) dropped 7.4%. Brookfield Renewable Corporation (BEPC.TO), Newmont Corporation (NGT.TO), Brookfield Infrastructure Corporation (BIPC.TO), Agnico Eagle Mines (AEM.TO), Wheaton Precious Metals (WPM.TO) and Canadian Imperial Bank of Commerce (CM.TO) lost 3 to 6%.
Fairfax Financial Holdings (FFH.TO), Canadian National Railway (CNR.TO), First Service Corporation (FSV.TO), Franco-Nevada Corporation (FNV.TO) and Colliers International (CIGI.TO) also declined sharply.
Bombardier Inc (BBD.B.TO) rallied 5.3%. Methanex Corporation (MX.TO), MEG Energy Corp (MEG.TO), Imperial Oil (IMO.TO), Celestica Inc (CLS.TO) gained 3 to 4%.
Suncor Energy (SU.TO), Precision Drilling Corporation (PD.TO) and Canadian Natural Resources (CNQ.TO) also posted strong gains.
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