TSX Ends Weak For 2nd Straight Day

RTTNews | 1311 days ago

(RTTNews) - The Canadian market ended weak on Thursday, losing ground for a second straight day, amid concerns about growth and uncertainty about the pace of future interest rate hikes by the Federal Reserve.

Investors digested a slew of earnings updates, and tracked the tend in global markets.

Healthcare, communications and materials shares were among the notable losers. Real estate and consumer staples shares found some support.

The benchmark S&P/TSX Composite Index, which opened nearly 100 points up at 20,777.51 and advanced to 20,821.66 in early trades, ended the session with a loss of 81.79 points or 0.4% at 20,597.75.

Canopy Growth Corporation (WEED.TO) tanked 16.6% on huge volumes. The company said its net loss in the third quarter of fiscal 2023 was $267 million, which is a $151 million increase compared with the net loss in the year-ago quarter.

Hut 8 Mining (HUT.TO) plunged 14.5%. B2Gold Corp (BTO.TO), Lundin Mining Corporation (LUN.TO) and Barrick Gold Corporation (ABX.TO) lost 2.7 to 4.3%.

Telus Corporation (T.TO) ended 3.7% down. Telus reported adjusted net income of C$333 million for the quarter ended December 2022, compare with adjusted net income of C$331 million a year ago.

Bombardier Inc (BBD.B.TO) ended 11.7% down. The company reported net income of $241 million for the quarter ended December 2022, compared with net income of $239 million in the year-ago quarter.

Precision Drilling Corporation (PD.TO) tumbled 14%. Nuvei Corporation (NVEI.TO), Endeavour Mining (EDV.TO), ATS Corporation (ATS.TO), Aritzia Inc (ATZ.TO), Methanex Corporation (MX.TO) and Agnico Eagle Mines (AEM.TO) lost 2 to 4.1%.

Colliers International Group Inc (CIGI.TO) gained nearly 7% after reporting adjusted EPS of $2.31 for the three months ended December 31, 2022, compared with adjusted EPS of $2.25 for the three months ended December 31, 2021.

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