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TSX Ends On Weak Note As Resources Shares Tumble

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(RTTNews) – The Canadian stock market ended notably lower on Thursday after staying weak right through the session, as materials, energy and technology shares reeled under sustained selling pressure.



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Healthcare and consumer staples shares also ended weak, while a few stocks from industrials sector closed with strong gains.

Concerns about outlook for energy demand amid rising coronavirus cases in India and Japan weighed on crude oil prices and took a toll of energy stocks.

The benchmark S&P/TSX Composite Index ended down by 111.61 points or 0.58% at 19,031.64, after plunging to a low of 18,988.68.

Materials shares Turquoise Hill Resources (TRQ.TO) and Silvercrest Metals (SIL.TO) lost 7% and 5.5%, respectively. New Gold (NGD.TO), Torex Gold Resources (TXG.TO), Eldorado Gold (ELD.TO), Fortuna Silver Mines (FVI.TO), Hudbay Minerals (HBM.TO) and Silvercorp Metals (SVM.TO) declined 3.3 to 5%.



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Among energy stocks, Imperial Oil (IMO.TO), Enerplus Corp (ERF.TO), PrairieSky Royalty (PSK.TO), Vermilion Energy (VET.TO), Arc Resources (ARX.TO), Seven Generations Energy (VII.TO) and Canadian Natural Resources (CNQ.TO) lost 1 to 2%.

Technology stock Hut 8 Mining Corp (HUT.TO) declined 6.25%. Shopify Inc (SHOP.TO) shed about 4.2%, while Kinaxis Inc (KXS.TO) and Lightspeed Pos (LSPD.TO) ended lower by about 2% and 1.8%, respectively.



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Canadian Pacific Railway Limited (CP.TO) shares gained 3.4% after the company announced that it posted first-quarter net income of C$602 million or C$4.50 per share, up from C$409 million or C$2.98 per share last year.

Data released by Statistics Canada this morning showed prices of new homes in Canada advanced by 1.1% from the previous month in March, following one of the largest monthly increases on record in February and slightly below market expectations of a 1.4% rise. Year-on-year, new house prices jumped 7.9%, the steepest increase since May of 2007.



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