TSX Ends Lower For 3rd Straight Day
(RTTNews) - Canadian stocks struggled for the third session running as rising bond yields and weak commodity prices rendered the mood bearish on Tuesday.
Amid rising bets the Federal Reserve will keep interest rates higher for longer than previously expected, the dollar rose, and the yield on long term Treasury Note soared to 16-year high, pushing down stock prices.
Real estate, technology, financials and consumer discretionary stocks were among the major losers. Stocks from healthcare and materials sectors were also weak.
The benchmark S&P/TSX Composite Index, which dropped to a low of 18,945.79, ended down 156.26 points or 0.81% at 19,020.92.
Atco Ltd (ACO.Y.TO) ended down 6.7%. Shopify Inc (SHOP.TO), Nutrien (NTR.TO), Docebo Inc (DCBO.TO), Teck Resources (TECK.B.TO) and West Fraser Timber (WFG.TO) lost 3 to 4.7%.
EQB Inc. (EQB.TO), Royal Bank of Canada (RY.TO), BRP Inc (DOO.TO) and goeasy (GSY.TO) declined 2 to 2.5%.
Allied Properties Real Estate (AP.UN.TO), Lightspeed Commerce (LSPD.TO), Celestica Inc (CLS.TO), Laurentian Bank (LB.TO), Royal Bank of Canada (RY.TO), Bank of Nova Scotia (BNS.TO), CDN Western Bank (CWB.TO), Canadian Imperial Bank of Commerce (CM.TO), Aritzia Inc (ATZ.TO) and Canada Goose Holdings (GOOS.TO) declined sharply.
Park Lawn Corporation (PLC.TO) rallied nearly 5%. Agnico Eagle Mines (AEM.TO), Alimentation Couche-Tard (ATD.TO), Precision Drilling Corporation (PD.TO) and Canadian Pacific Kansas City (CP.TO) gained 1 to 1.5%.
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