TSX Ends Notably Lower As Stocks Tumble On Growth Worries

(RTTNews) - The Canadian market ended sharply lower on Friday due to heavy selling in energy, materials and industrials sectors.

Utilities, healthcare and communications shares also posted sharp losses. Selling was so widespread that all the sectoral indices ended in the red.

Worries about inflation, looming interest rate hikes, and fears about a possible global recession weighed on the market. Lower crude oil and bullion prices triggered heavy selling in energy and materials sectors.

The benchmark S&P/TSX Composite Index ended with a loss of 287.28 points or 1.54% at 18,326.35, slightly off the day's low of 18,319.88. The index climbed to 18,763.70 in early trades.

Data from Statistics Canada showed total manufacturing sales in Canada declined by 2% month-over-month in August 2022, above a preliminary reading of a 0.8% drop, following a revised 0.6% decline in July.

Wholesale sales in Canada rose by 1.4% from a month earlier in August of 2022 to reach a record high of C$ 81.3 billion, well above preliminary estimates of a 0.8% gain and compared to a 0.6% fall in the previous month.

Nutrien (NTR.TO) plunged more than 9% on huge volumes. Cenovus Energy (CVE.TO) ended lower by 5.8%. Cameco Corporation (CCO.TO), Tourmaline Oil Corporation (TOU.TO), Suncor Energy (SU.TO), Enbridge Inc (ENB.TO) and Canadian Natural Resources (CNQ.TO) lost 2 to 4%.

Imperial Oil (IMO.TO), TFI International (TFII.TO), Waste Connections (WCN.TO), Franco-Nevada Corporation (FNV.TO), Thomson Reuters (TRI.TO), Canadian National Railway (CNR.TO) and Fairfax Financial Holdings (FFH.TO) also declined sharply.

Transcontinental Inc (TCL.B.TO) rallied 6.6%. Kinaxis Inc (KXS.TO), Ritchie Bros. Auctioneers (RBA.TO) and West Fraser Timber (WFG.TO) gained 1 to 1.6%.