TSX Ends On Weak Note; Technology, Healthcare Stocks Post Sharp Losses

(RTTNews) - The Canadian market ended notably lower on Tuesday after spending almost the entire session in negative territory.

Healthcare and technology stocks were the major losers. Several stocks from consumer discretionary and consumer staples sectors too closed notably lower.

The mood remained cautious with investors looking ahead to the crucial U.S. inflation data, due on Wednesday, for clues about future rate hike moves of the Federal Reserve.

Geopolitical tensions weighed as well. Investors also reacted to a slew of quarterly earnings updates.

The benchmark S&P/TSX Composite Index ended lower by 90.87 points or 0.46% at 19,578.30. The index touched a low of 19,540.21 and a high of 19,699.83 intraday.

The Health Care Capped Index tumbled 7.92%. Cronos Group (CRON.TO) plunged nearly 14% after results fell short of expectations. Cronos said it posted a net loss of $44.6 million, or $0.05 per share in the second quarter, compared to net loss of $165.59 million, or $0.48 a year ago. However, net revenue for the second quarter came in at $23.06 million, as against expectations of $28 million.

Bausch Health Companies (BHC.TO) tanked 10.7%. The company reported total revenues of $1.967 billion for the second quarter of 2022, as compared to $2.1 billion in the second quarter of 2021, a decrease of $133 million, or 6%.

Canopy Growth Corp (WEED.TO) drifted down 12.3%, Tilray Inc (TLRY.TO) ended 10.65% down, and Aurora Cannabis (ACB.TO) closed lower by 9.4%.

The Information Technology Capped Index ended 4.08% down. Nuvei Corp (NVEI.TO) plummeted 21.4%. Shopify Inc (SHOP.TO) ended nearly 7.5% down. Dye & Durham (DND.TO), Lightspeed Commerce (LSPD.TO), Converge Technology Solutions (CTS.TO), Magnet Forensics (MAGT.TO), Quarterhill (QTRH.TO) and BlackBerry (BB.TO) lost 4 to 6.5%.

MEG Energy Corp (MEG.TO), Barrick Gold Corporation (ABX.TO), Athabasca Oil Corporation (ATH.TO) and B2Gold Corp (BTO.TO) gained 1.3 to 4.3%, respectively.