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TSX Ends Weak Again

RTTNews | 672 days ago

TSX Ends Weak Again

(RTTNews) - The Canadian market opened higher Tuesday morning and advanced further in early trades, but turned weak around late morning and eventually ended the day's session on a negative note, losing for the fifth consecutive session.

The benchmark S&P/TSX Composite Index ended with a loss of 60.25 points or 0.32% at 18,986.49.

Energy stocks posted sharp losses. Industrials and financials shares were also weak. Healthcare, communications, technology and consumer discretionary stocks climbed higher.

Energy stocks Tamarack Valley Energy (TVE.TO), Parex Resources (PXT.TO), Cenovus Energy (CVE.TO), Tourmaline Oil Corp (TOU.TO) and Vermilion Energy (VET.TO) and Suncr Energy (SU.TO) lost 1.4 to 2.8%.

In the Industrials section, Tfi International (TFII.TO) plunged 8.3%. Snc-Lavalin Group Inc (SUV.TO), Cargojet Inc (CJT.TO), WSP Global (BBU.TO) and Mullen Group (MTL.TO) declined 2 to 4%.

Toronto-Dominion Bank (TD.TO), EQB Inc (EQB.TO), Canadian Imperial Bank of Commerce (CM.TO) and Bank of Montreal (BMO.TO) were among the major losers in the banking space.

Healthcare stocks Tilray Inc (TLRY.TO) and Bausch Health Companies Inc (BHC.TO) gained 8.6% and 1.9%, respectively.

In the technology sector, Hut 8 Mining Corp (HUT.TO) soared more than 10%. Bitfarms (BITF.TO) climbed nearly 10%. BlackBerry (BB.TO) surged 6.3%, while Lightspeed Commerce Inc (LSPD.TO) and Docebo Inc (DCBO.TO) gained 4.3% and 4.2%, respectively. Shopify Inc (SHOP.TO), Enghouse Systems Inc (ENGH.TO) and Tecsys Inc (TCS.TO) climbed 2 to 3%.

Rogers Communications Inc (RCI.B.TO) gained 2.1%, and Telus Corp (T.TO) advanced 1.3%. Cogeco Communications (CCA.TO) and BCE Inc (BCE.TO) also ended notably higher.

Consumer discretionary stocks Mty Food Group (MTY.TO) ended 3.25% down and Restaurant Brands International (QSR.TO) were among the major gainers in the consumer discretionary band.

In economic news, data from Statistics Canada showed new home prices in Canada went down (NSE. Inc.) 0.2% month-over-month.

Year-on-year, the cost of new homes fell by 1% in September 2023, the sixth consecutive decline since November 2019.

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