TSX Ends Lower For 6th Straight Day, Settles Near 1-year Low

(RTTNews) - The Canadian market ended weak on Wednesday, extending losses to a sixth straight day, and the longest losing streak in four months, amid concerns about interest rates and the outlook for economic growth.

Worries about the conflict in the Middle East, and higher bond yields hurt as well.

The benchmark S&P/TSX Composite Index ended down 38.64 points or 0.2% at 18,947.85, the lowest close in 12 months.

The Bank of Canada decided to leave interest rate unchanged at 5%, but warned that it is prepared to raise policy rate further if needed as inflationary risks have increased.

The central bank attributed the decision to clearer signs that monetary policy is moderating spending and relieving price pressures. However, the BoC said its Governing Council is concerned that progress towards price stability is slow and inflationary risks have increased and is prepared to raise the policy rate further if needed.

The bank's statement also noted the global economy is slowing and growth is forecast to moderate further as past increases in policy rates and the recent surge in global bond yields weigh on demand.

Nuvei Corporation (NVEI.TO) tanked 10%. Shopify Inc (SHOP.TO), Docebo Inc (DCBO.TO) and Brookfield Infrastructure Corporation (BIPC.TO) lost 5.5 to 7%.

Newmont Corporation (NGT.TO), CGI Inc (GIB.A.TO), West Fraser Timber (WFG.TO) and Constellation Software (CST.TO) also posted sharp losses.

Dye & Durham (DND.TO) plunged 11.5%. Lightspeed Commerce (LSPD.TO) declined 7.4%. BlackBerry (BB.TO), Enghouse Systems (ENGH.TO), Celestica Inc (CLS.TO) and Coveo Solutions (CVO.TO) also declined sharply.

Tilray Inc (TLRY.TO) dropped more than 6%. Bausch Health Companies (BHC.TO) ended nearly 3% down.

Energy stocks Athabasca Oil (ATH.TO), Vermilion Energy (VET.TO), Secure Energy (SES.TO), MEG Energy (MEG.TO), Prairiesky Royalty (PSK.TO), Parex Resources (PXT.TO), Imperial Oil (IMO.TO) and Whitecap Resources (WCP.TO) gained 1.7 to 2.5%.