Canadian Market Ends Notably Lower After BoC's Rate Decision

RTTNews | 644 days ago
Stocktwits
Canadian Market Ends Notably Lower After BoC's Rate Decision

(RTTNews) - The Canadian market ended on a weak note on Wednesday due to sustained selling at several counters after the Bank of Canada held its interest rate unchanged but did not rule out further tightening.

The central bank left its main interest rate unchanged at 5% after two back-to-back rises. The bank cited a shift in the economy to a weaker phase and easing labor market pressures as the reason for its decision.

The central bank, which said it will continue to monitor inflation dynamics, has not ruled out further tightening.

Healthcare, utilities, industrials and consumer discretionary stocks were among the major losers.

The benchmark S&P/TSX Composite Index, which dropped to a low of 20,181.61, ended with a loss of 186.80 points or 0.92% at 20,226.96.

Shares of Enbridge Inc (ENB.TO) ended nearly 6% down. The company announced it has signed a deal to purchase utilities in the U.S. from Dominion Energy for $14 billion.

Docebo Inc. (DCBO.TO) ended 5% down. BRP Inc (DOO.TO), Kinaxis Inc (KXS.TO), National Bank of Canada (NA.TO), West Fraser Timber (WFG.TO), Canadian Natural Resources (CNQ.TO), Constellation Software (CSU.TO) and goeasy (GSY.TO) closed lower by 1.3 to 2.5%.

Parkland Corporation (PKI.TO), Linamar Corporation (LNR.TO), Magna International (MG.TO), Canadian Apartment Properties (CAR.UN.TO) and Sun Life Financial (SLF.TO) gained 1 to 3.7%.

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