TSX Sheds More Than 1% As Financials, Energy Stocks Tumble
(RTTNews) - The Canadian market ended notably lower on Tuesday, weighed down by losses in energy and financials shares.
Worries about growth and likely policy tightening by the Federal Reserve contributed to the weakness in the market.
The benchmark S&P/TSX Composite Index, which tumbled to 20,282.14 around late morning, losing more than 330 points in the process, ended down 207.54 points or 1.01% at 20,407.56.
The Energy Capped Index fell 4.64%. Imperial Oil (IMO.TO), Baytex Energy (BTE.TO), Vermilion Energy (VET.TO), Advantage Oil & Gas (AAV.TO), Precision Drilling (PD.TO), Cenovus Energy (CVE.TO), Crescent Point Energy (CPG.TO), Suncor Energy (SU.TO), Canadian Natural Resources (CNQ.TO), Whitecap Resources (WCP.TO) and Enerplus Corp (ERF.TO) lost 4 to 7%.
Bank of Montreal (BMO.TO), Canadian Imperial Bank of Commerce (CM.TO), Laurentian Bank (LB.TO), Bank of Nova Scotia (BNS.TO) and Royal Bank of Canada (RY.TO) ended lower by 2 to 3%. CDN Western Bank (CWB.TO), Toronto-Dominion Bank (TD.TO) and Sun Life Financial (SLF.TO) also ended notably lower.
Among other major losers, Colliers International (CIGI.TO) plunged nearly 10%. Goeasy (GSY.TO), Bombardier Inc (BBD.B.TO), West Fraser Timber (WFG.TO) and Kinaxis Inc (KXS.TO) lost 1 to 3.4%.
Molson Coors Canada (TPX.A.TO) rallied more than 6%. Osisko Gold Royalties (OR.TO) surged 6.3%. Wheaton Precious Metals (WPM.TO) and Agnico Eagle Mines (AEM.TO) gained 4.8% and 4.5%, respectively.
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