TSX Ends On Weak Note
(RTTNews) - The Canadian market ended notably lower on Wednesday after spending the entire trading session in negative territory.
Concerns about inflation and economic slowdown weighed on sentiment. The latest batch of economic data from the U.S. added to worries the Fed will maintain its strategy of aggressively raising interest rates this year.
Data from payroll processor ADP showed private sector employment in the U.S. increased by slightly more than expected in the month of September.
The benchmark S&P/TSX Composite Index, which tumbled to around mid morning, ended the session with a loss of 135.90 points or 0.7% at 19,235.09.
Shares from utilities, real estate, communications, technology and materials shares ended weak. Healthcare, financials and industrials shares too mostly closed lower. Energy stocks rallied as crude oil prices rose sharply on lower inventories and the OPEC+'s decision to cut crude output by 2 million barrels per day from November.
Labrador Iron Ore (LIF.TO) lost more than 6.5%. Boralex (BLX.TO), Nutrien (NTR.TO), Constellation Software (CSU.TO), Colliers International (CIGI.TO), Rogers Communications (RCI.B.TO), West Fraser Timber (WFG.TO) and TFI International (TFII.TO) lost 1 to 5%.
Canadian Tire Corporation (CTC.TO) soared 12.8%. CCL Industries (CCL.A.TO), Cenovus Energy (CVE.TO), Precision Drilling (PD.TO), Telus International (TIXT.TO), Methanex Corp (MX.TO) and Suncor Energy (SU.TO) gained 2 to 6%.
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