TSX Sheds 1.1% As Stocks Fall On Growth Concerns
(RTTNews) - The Canadian market ended notably lower on Tuesday due to widespread selling amid concerns about economic slowdown.
Investors also weighed the prospects of the debt ceiling deal getting the nod from the Congress.
The benchmark S&P/TSX Composite Index ended down 228.25 points or 1.14% at 19,739.70. The index touched a low of 19,708.37 around mid afternoon.
All the sectoral indices closed in negative territory. Weak crude oil prices triggered a sell-off in the energy sector. Shares from materials, healthcare, consumer, technology and financials sectors closed notably lower.
Nutrien (NTR.TO), West Fraser Timber (WFG.TO), CCL Industries (CCL.A.TO), Shopify Inc (SHOP.TO) and Canadian Natural Resources (CNQ.TO) lost 2 to 4%.
Kinaxis Inc (KXS.TO), Franco-Nevada Corporation (FNV.TO), George Weston (WN.TO), Waste Connections (WCN.TO) and Fairfax Financial Holdings (FFH.TO) ended lower by 1 to 1.6%.
Canadian Western Bank (CWB.TO), Atco (ACO.Y.TO), Descartes Systems Group (DSG.TO) and Boyd Group Services (BYD.TO) posted strong gains.
On the economic front, data released by Statistics Canada showed Canada recorded a current account deficit of C$ 6.2 billion in the first quarter of 2023, after posting a deficit of a downwardly revised C$ 8.1 billion in the previous period.
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