TSX Ends Notably Lower As Energy Stocks Tumble
(RTTNews) - The Canadian market ended notably on Monday, after staying weak right through the day's session due to sustained selling in energy stocks.
The mood was cautious with investors awaiting the Bank of Canada's interest rate decision later this week.
The Europen Central Bank, scheduled to announce its policy on Thursday, is expected to cut interest rate by a quarter percentage point.
The benchmark S&P/TSX Composite Index ended with a loss of 152.43 points or 0.68% at 22,116.69, after plunging to a low of 220.014.86.
Imperial Oil (IMO.TO), Precision Drilling Corporation (PD.TO), Suncor Energy (SU.TO), Canadian Natural Resources (CNQ.TO), Methanex Corporation (MX.TO), Dollarama Inc (DOL.TO), Cameco Corporation (CCO.TO) and Canadian Pacific Kansas City (CP.TO) lost 2 to 6%.
GFL Environmental Inc. (GFL.TO) soared 10.4%. Cogeco Inc (CGO.TO) climbed 7.5%. Docebo Inc (DCBO.TO), Rogers Communications (RCI.A.TO), BRP Inc (DOO.TO), Restaurant Brands International (QSR.TO) and goeasy (GSY.TO) gained 2 to 4%. FirstService Corporation (FSV.TO) and EQB Inc (EQB.TO) also ended sharply higher.
On the economic front, the S&P Global Canada Manufacturing PMI dipped to 49.3 in May 2024, from 49.4 in April, pointing to the thirteenth consecutive month of contraction in Canadian factory activity.
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