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TSX Ends At 6-month Low As Stocks Tumble On Growth Worries

Canadian stocks tanked on Monday, in line with markets across the globe, as worries about slowing growth, soaring inflation and prospects of tighter policy moves by global central banks hurt sentiment.

Worries about the impact of the Ukraine war, and the ongoing lockdown in Shanghai weighed as well. Weak crude oil and bullion prices took a toll of energy and materials shares.

The benchmark S&P/TSX Composite Index ended with a loss of 633.59 points or 3.07% at 19,999.69, a six-month low.

The Healthcare Capped Index shed 7.09%. Bausch Health Companies (BHC.TO) plunged nearly 19%. Aurora Cannabis (ACB.TO) ended 8.6% down and Tilray Inc (TLRY.TO) closed lower by 7.%. Canopy Growth Corp (WEED.TO) and Well Health Technologies (WELL.TO) ended lower by 5.7% and 5.2%, respectively. Cronos Group (CRON.TO) ended nearly 4% down.

The Energy Capped Index slid 7.06%. Vermilion Energy (VET.TO) dropped 13.5%. Crescent Point Energy (CPG.TO), Enerplus Corp (ERF.TO), Tamarack Valley Energy (TVE.TO), Paramount Services (POU.TO), Arc Resources (ARX.TO), Whitecap Resources (WCP.TO) and MEG Energy (MEG.TO) lost 10 to 12%.

The Materials Capped Index drifted down 5.62%. Lithium Americas Corp (LAC.TO), MAG Silver Corp (MAG.TO), Silvercrest Metals (SIL.TO), Ero Copper (ERO.TO), Nutrien (NTR.TO), Endeavour Silver Corp (EDR.TO), Teck Resources (TECK.B.TO), Pan American Silver Corp (PAAS.TO), Methanex Corp (MX.TO) and Hudbay Minerals (HBM.TO) lost 7 to 12%.

The Information Technology Capped Index dropped 4.11%. Hut 8 Mining Corp (HUT.TO) plummeted 16%. Nuvei Corp (NVEI.TO), Shopify Inc (SHOP.TO), Magnet Forensics (MAGT.TO), Dye & Durham (DND.TO), Docebo Inc (DCBO.TO), BlackBerry (BB.TO) and Lightspeed Commerce (LSPD.TO) lost 7 to 9%.

Ballard Power Systems (BLDP.TO), down nearly 11%, was the biggest loser in the Industrials Index. Bombardier Inc (BBD.B.TO) tumbled 9.5%.

On the economic front, data from Statistics Canada showed the total value of building permits in Canada fell 9.3% to C$ 11.7 billion in March of 2022, following an upwardly revised 24.6% surge to a record C$ 12.9 billion in the previous month.

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