TSX Fails To Hold Early Gains, Ends Slightly Down

(RTTNews) - The Canadian market ended slightly lower on Thursday, as losses posted by stocks from energy, materials and consumer staples sectors offset a good show by technology, real estate and industrials stocks.

Investors digested the interest rate moves by the Bank of England and the European Central Bank. The BoE and the ECB, both raised their interest rates by 50 basis points and signaled more hikes in the coming months.

The Federal Reserve had raised interest rate by 25 basis points on Wednesday, and indicated more hikes, saying inflation is still at elevated levels.

The benchmark S&P/TSX Composite Index ended down 10.61 points or 0.05% at 20,740.44. The index scaled a low of 20,696.86 and a high of 20,843.21 intraday.

AutoCanada (AC.TO) climbed more than 8%. Shopify Inc (SHOP.TO) rallied nearly 7%. Colliers International (CIGI.TO) surged 4.5%.

TFI International (TFII.TO), goeasy (GSY.TO), Cargojet (CJT.TO), FirstService Corporation (FSV.TO), WSP Global (WSP.TO), BRP Inc (DOO.TO), Kinaxis Inc (KXS.TO), Fairfax Financial Holdings (FFH.TO) and Boyd Group Services (BYD.TO) gained 1.2 to 3.4%.

Canada Goose Holdings (GOOS.TO) plunged nearly 24% after the company reported revenues and earnings that fell short of expectations.

Precision Drilling Corporation (PD.TO), First Quantum Minerals (FM.TO) and Filo Mining (FIL.TO) lost 7.7%, 6/8% and 5.7%, respectively.

Suncor Energy (SU.TO), Agnico Eagle Mines (AEM.TO), Methanex Corporation (MX.TO), Imperial Oil (IMO.TO) and Teck Resources (TECK.A.TO), Canadian Natural Resources (CNQ.TO), Franco-Nevada Corporation (FNV.TO) and George Weston (WN.TO) lost 1 to 4%.

Lightspeed Commerce (LSPD.TO) ended 6% down. The company reported adjusted net loss of $814.8 million for the quarter ended December 2022, compared with adjusted net loss of $65.5 million in the corresponding quarter of the previous financial year. Net loss includes a non-cash goodwill impairment charge of $748.7 million.

On the economic front, the total value of building permits in Canada decreased by a bigger than expected 7.3% from a month earlier to C$ 10.3 billion in December of 2022, data from Statistics Canada showed.