TSX Ends Modestly Lower After Choppy Session

(RTTNews) - After swinging between gains and losses, the Canadian market ended on a weak note on Monday, as the mood was quite cautious with investors looking ahead to the Federal Reserve's monetary policy announcement, due later in the week.

The Fed, which is set to meet on Tuesday and Wednesday, is widely expected to raise interest rate by another 75 basis points to rein in inflation. This will be the central bank's fourth straight 75-basis point hike if it happens.

The Fed's accompanying statement and the post meet speech by Fed Chair Jerome Powell will also be in focus.

The benchmark S&P/TSX Composite Index ended with a loss of 45.05 points or 0.23% at 19,426.14. The index touched a high of 19,510.88 and a low of 19,402.06 in the session.

Healthcare and energy stocks posted strong gains. Real estate, technology, consumer staples and materials shares closed weak.

Canopy Growth Corp (WEED.TO) soared nearly 19% on huge volumes, Aurora Cannabis (ACB.TO) zoomed 12.6% and Tilray Brands Inc (TLRY.TO) surged 12.35%, on reports the U.S. Congress is likely to pass a marijuana banking and expungements bill.

Baytex Energy (BTE.TO), Crescent Point Energy (CPG.TO), Whitecap Resources (WCP.TO) and Suncor Energy (SU.TO) gained 2 to 3.6%.

Vermilion Energy (VET.TO) gained 3.75%. Precision Drilling Corporation (PD.TO), Shaw Communications (SJR.B.TO), Bombardier Inc (BBD.B.TO), Methanex Corporation (MX.TO), Nutrien (NTR.TO), TFI International (TFII.TO), Aritzia Inc (ATZ.TO) and Tourmaline Oil Corporation (TOU.TO) gained 2 to 3.75%.

Cargojet (CJT.TO) climbed 2.15% after the company reported third-quarter net income of $83.4 million (net loss of $1.9 million excluding warrant valuation gain) compared to net loss of $12.9 million in 2021 (net income of $23.9 million excluding warrant valuation loss).

Lundin Mining Corp (LUN.TO), Bank of Montreal (BMO.TO), Barrick Gold Corporation (ABX.TO) and Telus Corporation (T.TO) lost 1 to 2%.