TSX Sheds Nearly 1% As Energy, Financials Shares Tumble

The Canadian market ended notably lower on Monday, weighed down by losses in energy, financials and consumer discretionary sectors, amid rising concerns over the potential fallout from the collapse of Silicon Valley Bank.

Materials shares rallied sharply as bullion prices rose on safe-haven buying. Utilities stocks were the other prominent gainers. A few stocks from the technology sector moved higher.

The benchmark S&P/TSX Composite Index, which plunged nearly 350 points to 19,427.53 in early trades, ended the session with a loss of 186.02 points or 0.94% at 19,588.90.

Rising concerns over the fallout from the Silicon Valley Bank (SVB) collapse weighed on sentiment, despite a statement from the Treasury, Federal Reserve and the FDIC that they would "fully protect" depositors with funds in the Silicon Valley Bank.

In addition, Signature Bank, a New York bank, was also closed by regulators over the weekend.

Cenovus Energy (CVE.TO) dropped more than 6.5% on huge volumes. Baytex Energy (BTE.TO), Suncor Energy (SU.TO), Crescent Point Energy (CPG.TO), Athabasca Oil Corporation (ATH.TO) and Canadian Natural Resources (CNQ.TO) lost 4 to 5.6% on strong volumes.

Toronto-Dominion Bank (TD.TO) and Manulife Financial Corporation (MFC.TO) lost 3.4% and 2.3%, respectively. Canadian Imperial Bank of Commerce (CM.TO) drifted down 1.5%, and Power Corporation of Canada (POW.TO) ended lower by 1.25%.

Hut 8 Mining Corp (HUT.TO) soared nearly 19%. Kinross Gold Corporation (K.TO) and B2Gold Corp (BTO.TO) gained 7.5% and 4.3%, respectively.

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