TSX Ends On Weak Note On Growth Worries

(RTTNews) - The Canadian market ended weak on Wednesday after languishing in negative territory right through the day's session as worries about slowing growth and soaring inflation weighed on sentiment.

Technology, materials, healthcare and consumer discretionary stocks drifted lower. Energy stocks climbed higher as oil prices rose after data showed declines in crude oil and gasoline inventories in the U.S. last week.

Investors also noted the Fed minutes, which indicated the central bank will continue hiking rates to rein in inflation.

The benchmark S&P/TSX Composite Index ended with a loss of 88.53 points or 0.44% at 20,181.44. The index touched a low of 20,130.83.

Technology stock Hut 8 Mining Corp (HUT.TO) plunged more than 10%. Lightspeed Commerce (LSPD.TO) drifted down 7.3%, Shopify Inc (SHOP.TO) ended 5.3% down, and Nuvei Corp (NVEI.TO) shed nearly 5%.

Materials shares Silvercrest Metals (SIL.TO), Equinox Gold Corp (EQX.TO), Endeavour Silver Corp (EDR.TO), K92 Mining Inc. (KNT.TO), Lundin Mining Corp (LUN.TO), First Majestic Silver Corp (FR.TO), MAG Silver Corp (MAG.TO), Pan American Silver Corp (PAAS.TO), Kinross Gold Corp (K.TO) and Eldorado Gold (ELD.TO) shed 4 to 8.3%.

Healthcare stocks Bausch Health Companies (BHC.TO), Cronos Group (CRON.TO) and Aurora Cannabis (ACB.TO) lost 6.25%, 5.5% and 3.4%, respectively. Tilray Inc (TLRY.TO) ended 2.4% down.

Consumer discretionary stocks Canada Goose Holdings (GOOS.TO) and Magna International (MG.TO) ended lower by 4% and 2.8%, respectively. Sleep Country Canada Holdings (ZZZ.TO) and Linamar Corporation (LNR.TO) lost 2.2% and 2%, respectively.

Energy stocks Athabasca Oil Corp (ATH.TO), Baytex Energy (BTE.TO), MEG Energy (MEG.TO), Nuvista Energy Corp (NVA.TO), Vermilion Energy (VET.TO), Enerplus Corp (ERF.TO) and Crescent Point Energy (CPG.TO) gained 2.5 to 3.6%. Imperial Oil (IMO.TO), Suncor Energy (SU.TO) and Birchcliff Energy (BIR.TO) also moved up sharply.