TSX Sheds Nearly 2% As Stocks Continue To Fall On Recession Fears
(RTTNews) - The Canadian market ended notably lower on Tuesday, led by losses in healthcare, energy, technology and financials sectors.
Several stocks from materials, real estate and utilities sections too declined sharply.
Worries about surging interest rates and fears of a recession triggered heavy selling in several stocks from across various sectors. The sentiment was also hurt by the International Monetary Fund's report lowering the global growth forecast for next year.
The benchmark S&P/TSX Composite Index ended with a loss of 366.45 points or 1.97% at 18,216.88.
Canopy Growth Corporation (WEED.TO) tanked more than 14%. Canadian Tire Corporation (CTC.TO), Cogeco Inc (CGO.TO), Precision Drilling Corporation (PD.TO), Kinaxis Inc (KXS.TO), CargoJet (CJT.TO), goeasy (GSY.TO), Descartes Systems Group (DSG.TO), Fairfax Financial Holdings (FFH.TO), Royal Bank of Canada (RY.TO) and Bank of Montreal (BMO.TO) are up 2 to 5 percent.
The IMF said in its latest World Economic Outlook Report that the world economy is set to witness more pain next year.
The global lender cut the growth projection for next year to 2.7% from 3.3%, while it retained the outlook for this year at 3.2% after a 6% expansion in 2021.
"This is the weakest growth profile since 2001 except for the global financial crisis and the acute phase of the COVID-19 pandemic and reflects significant slowdowns for the largest economies," IMF said in the foreword to the latest World Economic Outlook report, released Tuesday.
Roughly a third of the world economy faces two consecutive quarters of negative growth, the lender said. "In short, the worst is yet to come and, for many people, 2023 will feel like a recession."
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