TSX Ends Sharply Lower As Stocks Fall After Inflation Data Fuels Rate Concerns
(RTTNews) - Canadian stocks tumbled on Tuesday after hotter-than-expected inflation data fueled concerns the Canadian central bank might raise interest rates.
Selling was so widespread that all the sectoral indices ended in negative territory. Healthcare, technology, utilities, materials and consumer staples shares declined sharply.
Several stocks from real estate, industrials, consumer discretionary and energy stocks also posted sharp losses.
The benchmark S&P/TSX Composite Index ended down 273.94 points or 1.34% at 20,218.89.
Data from Statistics Canada showed that the consumer price index rose 4% year over year in August, following a 3.3% increase in July. Economists had expected a 3.8% increase.
On a seasonally adjusted monthly basis, the CPI rose 0.6%, unchanged from the previous month. Core CPI, excluding food and energy, eased to 0.3% from 0.4% last month.
First Quantum Minerals (FM.TO) ended more than 6% down. Open Text Corporation (OTEX.TO), ATS Corporation (ATS.TO), Precision Drilling Corporation (PD.TO), Cargojet Inc (CJT.TO), Kinaxis Inc (KXS.TO), Colliers International (CIGI.TO), Restaurant Brands International (QSR.TO), Canadian National Railway (CNR.TO) and Premium Brands Holdings Corporation (PBH.TO) lost 2 to 4.5%.
Enghouse Systems (ENGH.TO), Shopify Inc (SHOP.TO), Constellation Software (CSU.TO), Descartes Systems (DSG.TO), BlackBerry (BB.TO) and Lightspeed Commerce (LSPD.TO) lost 1.4 to 4%.
Methanex Corporation (MX.TO) gained about 5%. Cogeco Communications (CCA.TO) and Stelco Holdings (STLC.TO) climbed 2.25% and 2%, respectively. Bombardier Inc (BBD.B.TO) gained nearly 2%.
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Australian Dollar Rises Against Majors
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