TSX Snaps 5-day Winning Streak, Ends Notably Lower
(RTTNews) - The Canadian market ended weak on Thursday, snapping a five-day winning streak, after data showing a slightly bigger than increase in U.S. consumer prices in the month of September raised concerns the Federal Reserve will hold interest rates higher for longer.
Utilities, consumer discretionary, materials and technology stocks were among the major losers.
The benchmark S&P/TSX Composite Index, which tumbled to 19,410.51, ended down 163.60 points or 0.83% at 19,500.24.
MTY Food Group (MTY.TO) ended 4.7% down. CCL Industries (CCL.A.TO), Teck Resources (TECK.B.TO), Cogeco Communications (CCA.TO), BRP Inc (DOO.TO), Magna International (MG.TO) and Kinaxis Inc (KXS.TO) lost 2 to 4%.
TransAlta Corp (TA.TO), Emera Incorporated (EMA.TO), Canada Goose Holdings (GOOS.TO), Torex Gold Resources (TXG.TO) and Ero Copper (ERO.TO) were among the other major losers.
Spin Master Corp (TOY.TO), Coveo Solutions (CVO.TO), Canadian Tire Corporation (CTC.TO), Celestica Inc (CLS.TO), Imperial Oil (IMO.TO) and Suncor Energy (SU.TO) gained 1 to 4.5%.
The U.S. Labor Department said its consumer price index climbed by 0.4% in September after increasing by 0.6% in August. Economists had expected consumer prices to rise by 0.3%.
The report also said the annual rate of consumer price growth was unchanged at 3.7%, while the annual rate of core consumer price growth slowed to 4.1% in September from 4.3% in August.
The data has contributed to a rebound by treasury yields, which are regaining ground following a two-day pullback but remain well off their recent sixteen years
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