TSX Snaps Six-session Winning Streak, Ends Moderately Lower

(RTTNews) - After six successive days of gains, the Canadian market turned weak on Wednesday with investors choosing to take some profits and largely refraining from creating fresh positions amid rising concerns about growth due to higher interest rates.

Healthcare and materials shares were among the major losers. Technology and industrials shares were the other notable losers.

The benchmark S&P/TSX Composite Index ended with a loss of 100.98 points or 0.5% at 20,103.89.

In the healthcare sector, Tilray Inc (TLRY.TO) ended 4.4% down. Chartwell Retirement Residences (CSH.UN.TO) ended nearly 2% down, and Bausch Health Companies (BHC.TO) drifted down 1.6%.

Osisko Gold Royalties (OR.TO), down 9.8%, was the biggest loser in the Materials Index. Equinox Gold Corp (EQX.TO) lost about 6%, while Canfor Corp (CFP.TO), MAG Silver Corp (MAG.TO), Dundee Precious Metals (DPM.TO), Wheaton Precious Metals (WPM.TO) and Teck Resources (TECK.B.TO) lost 3 to 4%.

Among technology stocks, Softchoice Corp (SFTC.TO) ended 5.6% down, and BlackBerry (BB.TO) lost 5%. Constellation Software (CSU.TO) and Docebo Inc (DCBO.TO) ended lower by 1.9% and 1.7%, respectively.

In the industrials sector, Ats Corp (ATS.TO) ended lower by about 2.7%. Tfi International (TFII.TO), Ballard Power Systems (BLDP.TO) and Finning International (FTT.TO) closed down 1.8 to 2.2%. Snc-Lavalin (SNC.TO), Bombardier (BBD.B.TO) and Canadian Pacific Railway (CP.TO) also ended notably lower.

Among losers from other sectors, Canadian Tire Corporation (CTC.TO) plunged more than 11.5%. West Fraser Timber (WFG.TO) and BRP Inc (DOO.TO) also ended sharply lower.

TecSys Inc (TCS.TO) soared more than 10%. Quebecor (QBR.B.TO), Cogeco Communications (CCA.TO), Cogeco Inc (CGO.TO) and Molson Coors Canada (TPX.B.TO) also ended with strong gains.