TSX Retreats After Positive Start, Ends Notably Lower

(RTTNews) - Canadian stocks fell swiftly after a positive start Tuesday morning, and then spent the rest of the day's session in the red to finally settle notably lower.

Energy, healthcare, technology, communications and consumer discretionary stocks posted sharp losses. Several stocks from materials, financials and consumer staples sections too closed weak.

The mood was quite cautious right through the day's session amid concerns about policy tightening by central banks and fears of a recession.

The benchmark S&P/TSX Composite Index ended down 182.58 points or 0.95% at 19,088.27, despite having climbed to 19,371.48 in early trades.

Cenovus Energy (CVE.TO), Athabasca Oil Corporation (ATH.TO), Crescent Point Energy (CPG.TO), Suncor Energy (SU.TO) and Canadian Natural Resources (CNQ.TO) ended lower by 2 to 3.5% on strong volumes.

Telus Corporation (T.TO), TC Energy (TRP.TO), Power Corporation of Canada (POW.TO), Toronto-Dominion Bank (TD.TO), Manulife Financial (MFC.TO) and Bank of Nova Scotia (BNS.TO) also ended notably lower.

Imperial Oil Limited (IMO.TO) shares drifted down nearly 1.5%. The company said it has inked a long-term low-carbon hydrogen contract with Air Products and Chemicals Inc. (APD), to produce premium low-carbon diesel fuel and cut greenhouse gas emissions.

Turquoise Hill Resources Ltd. (TRQ.TO) shares gained 2.35% after Anglo-Australian mining giant Rio Tinto Plc entered into definitive agreement to acquire the about 49% of the issued and outstanding common shares of Turquoise Hill that Rio Tinto does not currently own for C$43.00 in cash per share.

Winpak (WPK.TO), Intact Financial Corporation (IFC.TO), Brookfield Infrastructure Corporation (BIPC.TO), WSP Global (WSP.TO), Thomson Reuters (TRI.TO) and Onex Corporation (ONEX.TO) gained 1.25 to 2.15%.