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TSX Ends Weak For 2nd Straight Day
(RTTNews) - Despite coming off the day's lows, the Canadian market ended on a weak note on Wednesday due to sharp losses in energy and consumer sections.
Worries about slowing growth, a surge in Covid-19 cases in China, and weak crude oil prices weighed on the market.
The benchmark S&P/TSX Composite Index ended with a loss of 104.50 points or 0.55 percent at 18,729.66. The index, which dropped to 18,543.92 around mid morning, rallied to 18,872.07 later on, but fell from that level to eventually close with moderate loss.
The Energy Capped Index shed 3.9%. The Consumer Discretionary and Consumer Staples indices dropped 1.77% and 1.47%, respectively. Communications stocks found some interest. Industrials shares closed higher.
Canadian Natural Resources (CNQ.TO), Crescent Point Energy (CPG.TO), Baytex Energy (BTE.TO), MEG Energy (MEG.TO), Whitecap Resources (WCP.TO), Arc Resources (ARX.TO), Cenovus Energy (CVE.TO) and Suncor Energy (SU.TO) shed 2 to 6%.
Consumer discretionary stocks Magna International (MG.TO), Spin Master Corp (Toy.TO), Dollarama (DOL.TO) and Brp Inc (DOO.TO) lost 2.3 to 3.5%.
In the consumer staples section, Loblaw Co. (L.TO) shed more than 2.5%. Weston George (WN.TO), Premium Brands International (PBH.TO), Empire Co (EMP.A.TO) and Saputo Inc (SAP.TO) shed 1.6 to 2.2%.
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