TSX Ends Notably Lower For 2nd Straight Day

(RTTNews) - The Canadian market ended notably lower on Wednesday, extending losses from the previous session, as worries about growth and prospects of further rate hikes continued to weigh on sentiment.

Weak crude oil prices triggered heavy selling in the energy sector. Investors also awaited the vote on U.S. debt ceiling bill.

The benchmark S&P/TSX Composite Index ended with a loss of 167.46 points or 0.85% at 19,572.24, around 50 points off the day's low of 19,522.58.

Energy, communications, industrials, consumer discretionary, financials and healthcare stocks were the major losers. Technology stocks found some support.

On the economic front, data from Statistics Canada showed the Canadian economy grew by 0.8% in the first quarter of 2023, bouncing back from the stall in the previous quarter. Economists had expected the economy to see a 0.4% growth. On an annualized basis, Canadian GDP expanded by 3.1%.

National Bank of Canada (NA.TO) declined 2.8%. The bank reported second-quarter net income of C$847 million or C$2.38 per share, compared to net income of C$889 million or C$2.53 per share in the prior-year quarter.

CAE Inc. (CAE.TO) shares climbed more than 7% after the company reported a 79% surge in fourth quarter earnings at C$98.4 million or C$0.31 per share from C$55.1 million of C$0.17 per share in the fourth quarter of the previous year.

Ero Copper Corp (ERO.TO) tumbled more than 7%. Magna International (MG.TO), Linamar Corporation (LNR.TO), Cogeco Communications (CCA.TO), West Fraser Timber (WFG.TO), Nutrien (NTR.TO), BRP Inc (DOO.TO) and TFI International (TFII.TO) ended lower by 3 to 5%.

Endeavour Mining (EDV.TO) climbed nearly 6%. Cameco Corporation (CCO.TO), Teck Resources (TECK.A.TO) and Docebo Inc (DCBO.TO) gained 4 to 4.2%.

Constellation Software (CSU.TO), Wheaton Precious Metals (WPM.TO), Franco-Nevada Corporation (FNV.TO), Thomson Reuters (TRI.TO) and CGI Inc (GIB.A.TO) advanced 1 to 3.5%.