June 27, 2022

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Canadian Market Ends On Weak Note

2 min read

After languishing in the red right through the day’s session, the Canadian market ended notably lower on Wednesday as worries about inflation and the possibility of aggressive monetary tightening by the Federal Reserve rendered the mood bearish.

Technology and energy stocks were among the major losers. Shares from real estate, financials and industrials sections too posted sharp losses. Utilities and communications shares had a good outing.

The benchmark S&P/TSX Composite Index ended down by 142.23 points or 0.65% at 21,788.60. The index touched a high of 21,894.54 and a low of 21,702.10 in the session.

The Information Technology Capped Index drifted down 3.3%. Lightspeed Commerce (LSPD.TO) plunged 7.46%, Shopify Inc (SHOP.TO) ended 6.4% down, Hut 8 Mining Corp (HUT.TO) and Nuvei Corp (NVEI.TO) both shed about 5%, while Descartes Systems Group (DSG.TO) declined 4.7%.

Energy stocks declined as oil prices tumbled after data showed an increase in U.S. crude stockpiles, and the International Energy Agency announced it would release 120 million barrels of oil from its reserves.

Vermilion Energy (VET.TO), Whitecap Resources (WCP.TO), Nuvista Energy (NVA.TO), Crescent Point Energy (CPG.TO), Baytex Energy (BTE.TO), Cenovus Energy (CVE.TO) and MEG Energy (MEG.TO) declined 2.7 to 5.8%.

Among financials shares, CDN Western Bank (CWB.TO), Canadian Imperial Bank of Commerce (CM.TO), National Bank of Canada (NA.TO), Bank of Nova Scotia (BNS.TO) and Toronto-Dominion Bank (TD.TO) lost 1 to 2.2%.

In the Utilities section, Transalta Corp (TA.TO), Boralex Inc (BLX.TO), Northland Power (NPI.TO), Innergex Renewables (INE.TO), Capital Power Corp (CPX.TO), Transalta Renewables (RNW.TO) and Hydro One (H.TO) gained 2 to 4%.

Communications shares Quebecor (QBR.B.TO) and Cogeco Communications (CCA.TO) gained 2.7% and 1.7%, respectively. BCE Inc (BCE.TO), Rogers Communications (RCI.B.TO) and Telus Corp (T.TO) gained 1 to 1.1%.

On the economic front, a report from Richard Ivey School of Business…

2022-04-06 17:45:11

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