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TSX Ends Lower For 5th Straight Session

Despite holding firm till more than an hour past noon, the Canadian market ended on a weak note on Wednesday as stocks from healthcare, consumer, technology and communications sectors drifted lower on selling pressure.

Energy stocks moved higher, riding on firm energy prices. Materials, financials and industrials shares turned in a mixed performance.

The mood was cautious amid concerns about economic slowdown, rising inflation and higher interest rates.

The benchmark S&P/TSX Composite Index, which fell nearly 400 points to 19,792.79 from a high of 20,189.43, ended the session with a loss of 52.81 points or 0.27% at 19,837.25, drifting lower for a fifth straight session.

Shopify Inc (SHOP.TO), Boyd Group Services (BYD.TO), Canadian Tire Corporation (CTC.A.TO), Loblaw Companies (L.TO), TFI International (TFII.TO) and George Weston (WN.TO) drifted down 3.5 to 5.2%.

Paramount Resources (POU.TO), First Quantum Minerals (FM.TO), Suncor Energy (SU.TO), Precision Drilling Corporation (PD.TO), Nutrien (NTR.TO) and Constellation Software (CSU.TO) gained 2.4 to 4.2%.

Ritchie Bros. Auctioneers (RBA.TO), Toromont Industries (TIH.TO) and Canadian National Railway (CNR.TO) also posted notable gains.

Data released by the Labor Department showed the annual rate of consumer price growth in the U.S. slowed by less than expected in April, coming in at 8.3%, easing from a 40-year high of 8.5% in March. Economists had expected the pace of growth to slow to 8.1%.

The annual rate of growth in core consumer prices also slowed to 6.2% in April from 6.5% in March, although the rate was expected to decelerate to 6%.

On a monthly basis, the Labor Department said its consumer price index rose by 0.3% in April after surging by 1.2% in March. Economists had expected prices to edge up by 0.2%.

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