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TSX Ends Weak On Growth Worries

The Canadian stock market ended on a weak note on Wednesday, weighed down by losses in healthcare, information technology, energy and materials shares.

Uncertainty about the pace of global economic rebound due to the continued surge in the Delta variant of coronavirus in several countries rendered the mood cautious.

Investors also digested the Bank of Canada's monetary policy announcement. The central bank today held its target for the overnight rate at 0.25%. The Bank said it will maintain its extraordinary forward guidance on the path for the overnight rate. This bank's quantitative easing (QE) program is being maintained at a target pace of $2 billion per week.

The benchmark S&P/TSX Composite Index, which advanced to 20,863.20 in early trades, ended the day with a loss of 64.84 points or 0.31% at 20,741.79, slightly off the session's low of 20,730.69.

The Capped Healthcare Index drifted down by 2.8%. Canopy Growth Corp (WEED.TO) declined more than 6%, Aurora Cannabis (ACB.TO), Tilray Inc (TLRY.TO), Cronos Group (CRON.TO), Organigram Holdings (OGI.TO) and Bausch Health Companies (BHC.TO) lost 2.3 to 3.7%.

In the information technology section, Dye & Durham (DND.TO) shed 4.8%. BlackBerry (BB.TO) and Shopify Inc. (SHOP.TO) ended lower by 3.7% and 3.6%, respectively. Evertz Technologies (ET.TO) lost 2.85% and Absolute Software Corp (ABST.TO) ended 2.5% down.

Among energy stocks, Crescent Point Energy (CPG.TO), Enerplus Corp (ERF.TO), Whitecap Resources (WCP.TO), Vermilion Energy (VET.TO) and Cenovus Energy (CVE.TO) declined 2.2 to 2.9%.

In the materials section, First Quantum Minerals (FM.TO), Capstone Ming Corp (CS.TO), Lithium Americas Corp (LAC.TO), Hudbay Minerals (HBM.TO), Stelco Holdings (STLC.TO), Lundin Mining Corp (LUN.TO) and Teck Resources (TECK.B.TO) lost 4.6 to 7.6%.

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