Canadian Market Ends Slightly Down

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(RTTNews) - Despite spending much of the day's session in positive territory, the Canadian market ended slightly lower on Wednesday, extending its decline to a third straight day.

Worries about interest rates and the likely impact on economic growth weighed on stocks.

The Federal Reserve left its interest rates unchanged today, but projected an interest rate hike before the end of the year.

Also, hotter than expected Canadian inflation data has raised concerns that the Bank of Canada will tighten its monetary policy.

The benchmark S&P/TSX Composite Index, which climbed to 20,351.50 around mid morning, gaining more than 130 points in the process, settled at 20,214.69 with a loss of 4.20 points or 0.02%.

Energy stocks traded weak as oil prices fell amid concerns about the outlook for global economic growth and energy demand. Technology stocks were among the other prominent losers.

Healthcare stocks rallied. A few stocks from materials and utilities sectors too posted notable gains.

Energy stocks Arc Resources (ARX.TO), MEG Energy Corp (MEG.TO), Enerplus Corp (ERF.TO), Vermilion Energy (VET.TO) and Crescent Point Energy (CPG.TO) ended lower by 2 to 3%. Cenovus Energy (CVE.TO), Precision Drilling Corp (PD.TO) and Parex Resources (PXT.TO) also ended notably lower.

In the technology sector, Shopify Inc (SHOP.TO) and Descartes Systems Group (DSG.TO) declined 2.1% and 1.4%, respectively.

Healthcare stock Bausch Health Companies (BHC.TO) climbed more than 8% following a rating upgrade of the stock. Tilray Inc (TLRY.TO) gained 1.2%.

Novagold (NG.TO), up nearly 7%, was the top gainer in the Materials index. Equinox Gold Corp (EQX.TO) gained 4%, while Torex Gold Resources (TXG.TO), Stelco Holdings (STLC.TO) and Lundin Gold (LUG.TO) advanced 3 to 3.3%.

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