TSX Snaps 4-day Winning Streak, Ends Sharply Lower

(RTTNews) - After a four-day winning streak, the Canadian market ended sharply lower on Tuesday as hotter-than-expected U.S. inflation data triggered heavy selling at several counters from across various sectors.

Technology, healthcare, consumer, materials, financials, communications and real estate stocks posted sharp losses. Several stocks from communications and industrials sectors too ended notably lower.

Mirroring widespread selling, all the sectoral indices ended in negative territory today.

The benchmark S&P/TSX Composite Index ended with a loss of 341.83 points or 1.71% at 19,645.40.

BRP Inc (DOO.TO) ended more than 5% down. West Fraser Timber (WFG.TO), Kinaxis Inc (KXS.TO), Colliers International (CIGI.TO), goeasy (GSY.TO), Constellation Software (CSU.TO), Cargojet (CJT.TO) and Franco-Nevada Corporation (FNV.TO) lost 2 to 3%.

Shopify Inc (SHOP.TO) drifted down 5.5% on huge volumes. Bank of Nova Scotia (BNS.TO), Hydro One (H.TO), Manulife Financial (MFC.TO), Crescent Point Energy (CPG.TO) and Barrick Gold Corporation (ABX.TO) also ended notably lower on high volumes.

Badger Infrastructure (BDGI.TO), Rogers Communications (RCI.A.TO) and Sierra Wireless (SW.TO) closed with sharp gains.

Data from the U.S. Labor Department showed the consumer price index inched up by 0.1% in August after coming in unchanged in July. Economists had expected consumer prices to edge down by 0.1%.

Compared to the same month a year ago, consumer prices were up by 8.3% in August, reflecting a slowdown from the 8.5% spike in July. However, economists had expected the annual rate of growth to slow to 8.1%.

Meanwhile, the annual rate of growth by core consumer prices accelerated to 6.3% in August from 5.9% in July. The annual rate of growth was expected to rise to 6.1%.