TSX Ends Notably Lower; Technology, Materials Shares Post Sharp Losses

(RTTNews) - The Canadian market ended notably lower on Tuesday, weighed down by losses in technology, industrials, materials and consumer sectors.

Several stocks from the communications section also closed sharply lower. Energy stocks gained as oil prices moved higher.

Worries about growth and interest rates, and concerns over a standoff in U.S. debt ceiling talks weighed on sentiment.

The benchmark S&P/TSX Composite Index ended down 205.05 points or 1.01% at 20,146.01, slightly off the day's low.

MTY Food Group Inc (MTY.TO), Teck Resources (TECK.B.TO), CCL Industries (CCL.B.TO), Constellation Software (CSU.TO), Canadian Pacific Kansas City (CP.TO) and Wheaton Precious Metals (WPM.TO) ended lower by 4 to 5%.

Boyd Group Services (BYD.TO), Canadian National Railway (CNR.TO), Cargojet Inc. (CJT.TO), Loblaw Companies (L.TO), FirstService Corporation (FSV.TO), CGI Inc. (GIB.A.TO) and George Weston (WN.TO) drifted down 2.4 to 3.5%.

Kinaxis (KXS.TO), Bombardier Inc (BBD.B.TO), CAE Inc. (CAE.TO), Waste Connections (WCN.TO), Franco-Nevada Corporation (FNV.TO) and Stantec Inc (STN.TO) also ended sharply lower.

Africa Oil Corp (AOI.TO) climbed 8.5%. Cameco Corporation (CCO.TO) gained more than 5%. MEG Energy and Onex Corporation (ONEX.TO) both surged about 4%. Imperial Oil (IMO.TO), Canadian Natural Resources (CNQ.TO) and IA Financial Corporation (IAG.TO) also posted strong gains.

In economic news, raw materials prices in Canada fell 10.8% in April 2023, less than market expectations of a 24.5% decline. Producer prices unexpectedly edged down by 0.2% in April, following a revised 0.1% fall in the prior month.