TSX Trims Early Losses, Ends Slightly Weak

(RTTNews) - The Canadian market recovered well after opening with a big negative gap on Thursday, but still ended the day's session on a slightly weak note, as worries about slowing growth and rising interest rates hurt sentiment.

The sharp interest rate hike by the Federal Reserve on Wednesday and the central bank Chairman Jerome Powell's comments that signaled more rate hikes in the coming months set up a weak start for the market.

Weak European markets and lower commodity prices also contributed to the negative sentiment.

The benchmark S&P/TSX Composite Index ended with a loss of 35.79 points or 0.19% at 19,241.22, after scaling a low of 19,090.64 and a high of 19,322.44 intraday.

Energy and industrials shares closed higher. Materials stocks recovered well after a weak start and ended the session on a mixed note.

Technology, communications and financials shares had a weak outing. Consumer discretionary stocks too struggled for support.

Data released by Statistics Canada showed Canada's trade surplus rose to C$ 1.1 billion in September of 2022, from a downwardly revised surplus of C$ 0.6 billion in the previous month but below market expectations of CAD 1.3 billion. Exports were up 1.3% at C$ 66.4 billion, while imports increased by 0.4% to C$ 65.2 billion, the data showed.

Lightspeed Commerce (LSPD.TO) tanked 18.6% after the company said its loss widened to $7.9 million in the second quarter.

Spin Master Corp (TOY.TO) emded 16.2% down. Nutrien (NTR.TO) drifted down nearly 14%.

Great-West Lifeco (GWO.TO), Newmont Corporation (NGT.TO), Fairfax Financial Holdings (FFH.TO) and CargoJet (CJT.TO) ended lower by 1.6 to 6%.

Waste Connections (WCN.TO), Bombardier Inc (BBD.B.TO), West Fraser Timber (WFG.TO), Imperial Oil (IMO.TO), Tourmaline Oil Corp (TOU.TO) and Precision Drilling Corporation (PD.TO) declined 2.5 to 7%.