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TSX Ends Notably Lower As Fed Rate Hike, Powell's Hawkish Comments Weigh

RTTNews | 1028 dagar sedan

TSX Ends Notably Lower As Fed Rate Hike, Powell's Hawkish Comments Weigh

(RTTNews) - The Canadian market ended notably lower on Wednesday, weighed down by losses in materials, healthcare, technology and consumer discretionary sections.

Several stocks from industrials, consumer staples and financials sectors too closed notably lower.

The U.S. Federal Reserve's decision to raise interest rate by another 75 basis points, and Fed Chair Jerome Powell's hawkish comments in his post-meeting press conference weighed on the market. Powell said, "It is very premature to be thinking about pausing."

"It is very premature, in my view, to think about or be talking about pausing our rate hikes. We have a ways to go," he added.

The benchmark S&P/TSX Composite Index ended down 240.70 points or 1.23% at 19,277.01, the day's low. The index climbed to a high of 19,669.36 around mid afternoon, before losing ground.

B2Gold Corp (BTO.TO) plunged more than 7% on huge volumes. Canopy Growth Corporation (WEED.TO), Kinross Gold Corporation (K.TO), Barrick Gold Corporation (ABX.TO) and Lundin Mining Corporation (LUN.TO) lost 4 to 6.5%.

Shopify Inc (SHOP.TO), MEG Energy (MEG.TO), Athabasca Oil Corporation (ATH.TO), Suncor Energy (SU.TO) and Tamarack Valley Energy (TVE.TO) ended lower by 2 to 3%.

Ero Copper Corp (ERO.TO) plunged 17.7%. Agnico Eagle Mines (AEM.TO), Gildan Activewear (GIL.TO), Sprott Inc (SII.TO), Franco-Nevada Corporation (FNV.TO), Ritchie Bros. Auctioneers (RBA.TO), West Fraser Timber (WFG.TO) and BRP Inc. (DOO.TO) lost 4 to 7%.

Martinrea International (MRE.TO) soared nearly 13%. MTY Food Group (MTY.TO) climbed 6.3%, Canadian Tire Corporation (CTC.TO) surged 5% and Turquoise Hill Resources (TRQ.TO) gained 4.5%.

Restaurant Brands International (QSP.UN), Stelco Holdings (STLC.TO), Tourmaline Oil Corp (TOU.TO) and TC Energy Corporation (TRP.TO) also ended notably lower.

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