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TSX Ends Weak For 6th Straight Session

The Canadian stock market ended on a weak note on Thursday, extending losses to a sixth straight session, as the mood remained bearish amid rising concerns about growth and interest rate hikes.

The benchmark S&P/TSX Composite Index, which was down nearly 360 points at 19,480.00 at one stage, ended the session with a loss of 138.20 points or 0.7% at 19,699.05.

Materials, financials and energy stocks posted sharp losses. Healthcare stocks rallied, rebounding from recent sharp losses. Consumer staples, consumer stationary, technology and real estate stocks were the other prominent gainers.

Cascades Inc. (CAS.TO) plummeted 23% on weak results. The company reported a net loss of $15 million for the first quarter of 2022, as against net profit of $105 million in the corresponding quarter last year.

First Majestic Silver Corp (FR.TO) drifted down nearly 10%. The company reported net earnings for $7.3 million for the first quarter of 2022, compared with $1.9 million a year ago.

Wesdome Gold Mines (WDO.TO) tanked 14.2%. Seabridge Gold (SEA.TO), B2Gold Corp (BTO.TO), Hudbay Minerals (HBM.TO), Silvercrest Metals (SIL.TO), Ero Copper (ERO.TO), Kinross Gold (K.TO) and Eldorado Gold (ELD.TO) shed 5 to 7%.

Advantage Oil & Gas (AAV.TO), down 10%, was the biggest loser in the Energy Index. Baytex Energy (BTE.TO), Tamarack Valley Energy (TVE.TO), Tourmaline Oil Corp (TOU.TO), Vermilion Energy (VET.TO) and Whitecap Resources (WCP.TO) ended lower by 2.4 to 4.2%.

Manulife Financial (MFC.TO) plunged more than 10% after the company's core earnings declined in the first quarter due to lower sales and lesser business in Asia as Covid-19 cases rose in the region. The company's core earnings declined to $1.55 billion from $1.63 billion a year ago.

Power Corporation of Canada (POW.TO) shed more than 5%. Sun Life Financial (SLF.TO), Sprott Inc (SII.TO) and Fairfax Financial Holdings (FFH.TO) ended lower by 2.7%, 1.5% and 1.2%, respectively.

In the healthcare section, Tilray Inc (TLRY.TO) soared nearly 10%. Canopy Growth Corp (WEED.TO) climbed 8.4% and Aurora Cannabis (ACB.TO) surged up 6.75%. Cronos Group (CRON.TO) and Bausch Health Companies (BHC.TO) gained 3.9% and 3.6%, respectively.

Among technology stocks, Sierra Wireless (SW.TO) zoomed 15.55% after the company posted narrower loss in the first quarter. During the three-month period, the company's net loss narrowed to $12.7 million or $0.33 per share, compared to net loss of $29.9 million or $0.81 per share in the same period last year.

Dye & Durham climbed more than 13% and Shopify Inc (SHOP.TO) rallied 11.55%. Absolute Software Corp (ABST.TO) gained 9.25%, while BlackBerry (BB.TO), Nuvei Corp (NVEI.TO) and Telus International (TIXT.TO) gained 3.5 to 5.3%. Kinaxis Inc (KXS.TO) and Lightspeed Commerce (LSPD.TO) also moved up sharply.

In the consumer discretionary space, Canadian Tire Corporation (CTC.A.TO) rallied 6.25%. The company reported diluted earnings per share of $3.03 for the first quarter of 2022, up 23% over the year-ago period. Despite the surge in earnings, the stock is down 9.5%.

Canada Goose Holdings (GOOS.TO) ended stronger by 5.3%. Brp Inc (DOO.TO), Linamar Corp (LNR.TO), Dollarama Inc (DOL.TO) and Aritzia Inc (ATZ.TO) also rallied sharply.

Consumer staples shares Alimentation Couche-Tard (ATD.TO), Premium Brands Holdings (PBH.TO) and Loblaw (L.TO) gained 5.1%, 2.1% and 2.08%, respectively.

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