TSX Ends Lower As Technology Stocks Tumble

(RTTNews) - The Canadian market closed weak on Tuesday, extending losses from previous session, amid political uncertainty in Canada after Prime Minister Justin Trudeau announced his resignation.

A sell-off in the technology sector contributed to the weak close.

The benchmark S&P/TSX Composite Index ended with a loss of 69.90 points or 0.28% at 24,929.89. The index, which climbed to 25,197.00 in early trades, dropped to a low of 24,863.85 in the final hour.

The Capped Information Technology Index dropped 3.13% as technology stocks tumbled on higher bond yields. Shopify Inc (SHOP.TO) ended down 6.3%. Contellation Software (CSU.TO), Lightspeed Commerce (LSPD.TO), Dye & Durham (DND.TO), Enghouse Systems (ENGH.TO), Docebo Inc (DCBO.TO), Tecsys (TCS.TO), Descartes Systems Group (DSG.TO), Coveo Solutions (CVO.TO) and Open Text Corp (OTEX.TO) lost 2 to 4%.

Hut 8 Corp (HUT.TO), Cameco Corporation (CCO.TO), Stella-Jones (SJ.TO), Capital Power Corporation (CPX.TO), Dayforce (DAY.TO) and Bank of Nova Scotia (BNS.TO) were among the notable losers from other sectors.

Precision Drilling Corporation (PD.TO) climbed 4.7%. Imperial Oil (IMO.TO), Suncor Energy (SU.TO), Cogeco Communications (CCA.TO), Quebecor Inc (QBR.TO), Franco-Nevada Corporation (FNV.TO) and Agnico Eagle Mines (AEM.TO) lost 2 to 4.5%.

GFL Environmental Inc. (GFL.TO) closed lower by 1%. The company announced that it will sell its environmental services division to Apollo Global Management and BC Partners in a deal valued at C$ 8 billion.

In economic news, data from Statistics Canada showed the nation's trade deficit stood at C$ 0.32 billion in November, narrowing from an upwardly revised C$ 0.54 billion gap in the previous month.

Exports increased by 2.2% to C$ 66.1 billion, while imports rose by 1.8% to C$ 66.4 billion.

A report from the Ivey Business School said the Ivey Purchasing Managers Index in Canada rose to 54.7 in December, up from 52.3 in November.