TSX Extends Losing Streak, Sheds 0.83%

(RTTNews) - After a weak start, the Canadian market recovered and saw a brief spell in positive territory Monday morning, but faltered soon and then spent the rest of the day's session in the red.

The mood in the market was quite bearish amid rising fears the aggressive monetary tightening by the Federal Reserve and several other central banks could push the global economy into a recession.

The benchmark S&P/TSX Composite Index, which plunged to a new 52-week low, ended with a loss of 153.94 points or 0.83% at 18,327.04, off the day's low of 18,273.00.

Energy stocks fell as oil prices declined sharply on concerns about likely drop in demand. The Energy Capped Index drifted down 3.3%.

The Capped Utilities Index dropped 2.16%. Real Estate, materials and communications shares were among the other prominent losers.

Healthcare and consumer discretionary stocks found some support. Technology, financials and industrials shares ended mixed.

Athabasca Oil Corp (ATH.TO), Baytex Energy (BTE.TO) and HeadwaterExplortion (HWX.TO), Canadian Natural Resources (CNQ.TO), Precision Drilling Corporation (PD.TO), Imperial Oil (IMO.TO) and Bank of Nova Scotia (BNS.TO) declined sharply.

Kinaxis Inc (KXS.TO) climbed more than 6%. Bombardier Inc (BBD.A.TO), CargoJet (CJT.TO), Magna International (MG.TO), Descartes Systems Group (DSG.TO), Linamar Corporation (LNR.TO) and Methanex Corporation (MX.TO) gained 2.5 to 5%.

On the economic front, preliminary data shows wholesale sales in Canada rose by 0.8% month-over-month in August of 2022, mainly reflecting higher sales in the food, beverage and tobacco subsector, Statistics Canada said.