TSX Ends Notably Lower As Growth Worries, Interest Rate Concerns Weigh
(RTTNews) - The Canadian market ended on a weak note on Thursday, extending losses from the previous session, as rising concerns about inflation and looming rate hikes weighed on stocks.
Hawkish comments from some Federal Reserve officials that the central bank needs to remain aggressive with its monetary policy, and rising crude oil prices, which could push up inflation, have raised the possibility of another steep interest rate hike by the Fed at its next meeting.
The benchmark S&P/TSX Composite Index ended with a loss of 256.08 points or 1.33% at 18,979.01, nearly 85 points off the day's low of 18,895.40.
Utilities, consumer staples and financials shares were among the major losers. Several stocks from communications, real estae, technology and industrials sectors too posted sharp losses.
Healthcare stocks rallied sharply. Energy and materials shares too surged higher.
Atco Ltd. (ACO.Y.TO) ended down 8%. George Weston (WN.TO), Toronto-Dominion Bank (TD.TO), Loblaw Companies (L.TO), WSP Global (WSP.TO) and Waste Connections (WCN.TO) ended lower by 4 to 5%.
CCL Industries (CCL.B.TO), West Fraser Timber (WFG.TO), Colliers International (CIGI.TO), Bank of Montreal (BMO.TO), Royal Bank of Canada (RY.TO), CGI Inc (GIB.A.TO) and goeasy (GSY.TO) also declined sharply.
Tilray Brands Inc (TLRY.TO) shares soared 32.5%. Boyd Group (BYD.TO) surged 5.7%. FirstService Corporation (FSV.TO), Agnico Eagle Mines (AEM.TO), Nutrien (NTR.TO), Franco-Nevada Corporation (FNV.TO), Precision Drilling Corporation (PD.TO) and Imperial Oil (IMO.TO) gained 1.5 to 4%.
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