TSX Ends Notably Lower

(RTTNews) - The Canadian market tumbled Tuesday morning on heavy selling in materials and energy stocks, and despite regaining some lost ground subsequently, ended the day's session notably lower.

Investors looked ahead to the Bank of Canada's interest rate decision, due on Wednesday. The European Central Bank's policy announcement, due on Thursday, and the U.S. jobs data, are also eyed for directional clues.

The benchmark S&P/TSX Composite Index ended with a loss of 138.51 points or 0.63% at 21,978.18, about 150 points off the day's low of 21,828.40.

Materials and energy stocks were the major losers. The Materials Capped Index lost nearly 4%, while the Energy Capped Index dropped 2.06%. Shares from the rest of the sectors ended mixed.

Ssr Mining Inc (SSRM.TO), down 8.8%, was the biggest loser in the Materials index. Ero Copper (ERO.TO), Pan American Silver Corp (PAAS.TO), Ivanhoe Mines (IVN.TO), First Quantum Minerals (FM.TO), First Majestic Silver Corp (AG.TO), Seabridge Inc (SEA.TO), Teck Resources (TECK.B.TO), Filo Mining (FIL.TO), Silvercrest Metals (SIL.TO) and Hudbay Minerals (HBM.TO) lost 5 to 7%.

Energy stocks Veren Inc (VRN.TO), Precision Drilling Corp (PD.TO), Birchcliff Energy (BIR.TO), Enerplus Corp (ERF.TO), Vermilion Energy (VET.TO), Baytex Energy (BTE.TO), International Petroleum Corp (IPCO.TO) and Whitecap Resources (WCP.TO) ended down 2.7 to 4%.

Celestica Inc (CLS.TO), BRP Inc (DOO.TO), EQB Inc (EQB.TO) and West Fraser Timber (WFG.TO) were among the other major losers in the session.

Park Lawn Corporation (PLC.TO) zoomed nearly 60%. The company announced on Monday that it has entered into an arrangement agreement with Viridian Acquisition Inc., an affiliate of Homesteaders Life Company and Birch Hill Equity Partners Management Inc., pursuant to which Viridian and Birch Hill will acquire all of the issued and outstanding common shares of Park Lawn for a price of $26.50 per share in an all-cash transaction valued at approximately $1.2 billion.

GFL Environmental (GFL.TO) rallied 6.9%. Russel Metals (RUS.TO) climbed 4.7%. Stella-Jones (SJ.TO), Canadian Tire Corporation (CTC.TO), Metro Inc (MRU.TO), TFI International (TFII.TO), Waste Connections (WCN.TO), RB Global Inc (RBA.TO), Shopify Inc (SHOP.TO) and Stantec Inc (STN.TO) gained 1.9 to 3.2%.