TSX Fails To Hold Early Gains, Ends On Weak Note Again

Despite opening on a positive note on Tuesday, the Canadian market slid and spent the rest of the day's session in negative territory as concerns about slowing global growth and rising interest rates rendered the mood cautious.

Healthcare stocks were the most prominent losers. Technology stocks too had a weak outing. Shares from the rest of the sectors ended mixed.

The benchmark S&P/TSX Composite Index, which advanced to 20,253.33 in early trades, ended the session with a loss of 109.63 points or 0.55% at 19,890.06, extending losses to a fourth straight session.

The Health Care Capped Index shed 5.51%. Bausch Health Companies (BHC.TO) plunged more than 27% after the company reported adjusted net income of $263 million for the first quarter of this year, compared to $370 million for the first quarter of 2021.

Well Health Technologies (WELL.TO) ended 3.3% down and Chartwell Retirement Residences (CSH.UN.TO) ended 2.5% down. Tilray Inc (TLRY.TO) and Canopy Growth Corp (WEED.TO) both ended nearly 2% down, while Sienna Senior Living (SIA.TO) declined 1.27%.

Technology stock Nuvei Corp (NVEI.TO) tumbled 6.5%. The company reported adjusted net income of $69.1 million for the quarter ended March 2022, an increase of 35% over the year-ago quarter.

Dye & Durham closed with a loss of 8.6%. Converge Technology Solutions (CTS.TO), Sylogist (SYZ.TO), Alithya Corp (ALYA.TO) and Lightspeed Commerce (LSPD.TO) lost 3.7 to 4.5%.

George Weston (WN.TO) ended nearly 3% down. The company reported adjusted net earnings of $282 million for the first quarter of 2022, an increase of $37 million, or 15.1%, compared to the first quarter of 2021.

Sprott (SII.TO), Stelco Holdings (STLC.TO), Teck Resources (TECK.B.TO), West Fraser Timber (WFG.TO), Boyd Group Services (BYD.TO), Constellation Software (CSU.TO) and Shopify Inc (SHOP.TO) lost 1.2 to 5%.

Ivanhoe Mines (IVN.TO) said it recorded a profit of $21.5 million for Q1 2022, compared to a profit of $20.4 million for the same period in 2021. The stock gained about 1.2%.

Ritchie Bros. Auctioneers (RBA.TO) soared 12.25% on upbeat results. The company reported net income of $178.1 million in the first quarter, up 532% over a net income of $28.2 million it had posted in the first quarter of the previous year.

Colliers International (CIGI.TO), Precision Drilling Corporation (PD.TO), Rogers Communications (RCI.A.TO), Nutrien (NTR.TO) and Mty Food Group (MTY.TO) gained 1 to 5%.

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