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TSX Ends Weak For 3rd Straight Day

After opening on a positive note, the Canadian market slipped and stayed weak on Thursday amid concerns about global growth after central banks, including the Federal Reserve, raised policy rates sharply to combat inflation.

The benchmark S&P/TSX Composite Index ended with a loss of 181.86 points or 0.95% at 19,002.68, extending losses to a third straight session.

Technology, healthcare, real estate and energy stocks fell sharply. Several stocks from consumer discretionary and industrials sectors too ended sharply lower. Communication services shares found some support.

Nuvei Corporation (NVEI.TO), Shopify Inc (SHOP.TO), Precision Drilling Corporation (PD.TO), CargoJet (CJT.TO), Descartes Systems (DSG.TO) and Kinaxis (KXS.TO) lost 4 to 7%.

BRP Inc (DOO.TO), Colliers International (CIGI.TO), Fairfax Financial Holdings (FFH.TO) and Thomson Reuters (TRI.TO) also declined sharply.

Data from Statistics Canada showed that new home prices in Canada increased 0.1% for the second consecutive month in August of 2022. New home prices rose 6.9% year-on-year in August of 2022, the smallest increase since January 2021.

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