August 8, 2022

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TSX Sheds Nearly 1% On Growth Worries, U.S.-China Tensions

2 min read

The Canadian market ended notably lower on Tuesday, led by sharp losses in materials and energy sectors. There were gains for technology and healthcare stocks, but the market remained in negative territory right through the day’s session.

Worries about slowing global growth, and tensions between the U.S. and China due to U.S. House Speaker Nancy Pelosi’s trip to Taiwan weighed on the market.

The benchmark S&P/TSX Composite Index ended with a loss of 187.59 points or 0.95% at 19,505.33, near the day’s low of 19,486.68.

In addition to tracking global cues, investors also reacted to a slew of earnings announcements and other corporate news from Canadian companies.

The Materials Capped Index drifted down 2.31%. First Quantum Minerals (FM.TO) ended 8.25% down. Hudbay Minerals (HBM.TO), Capstone Mining Corp (CS.TO) and Lundin Mining (LUN.TO) lost 7 to 7.7%.

Ero Copper (ERO.TO) ended 7.2% down after reporting second-quarter net income of $24.1 million, compared to $84.0 million in the year-ago quarter.

The Energy Capped Index dropped 1.99%. Baytex Energy (BTE.TO), Paramount Resources (POU.TO), Imperial Oil (IMO.TO), PrairieSky Royalty (PSK.TO) and Tourmaline Oil Corp (TOU.TO) ended lower by 3.5 to 5.1%.

Technology stock Sierra Wireless (SW.TO) soared nearly 14%. The company confirmed that it has engaged in advanced talks for a potential acquisition by Semtech Corporation (SMTC), a semiconductor supplier, for $31 per share.

Shopify Inc (SHOP.TO) climbed about 9%. Lightspeed Commerce (LSPD.TO) surged 5.82%, while Alithya Corp (ALYA.TO), Nuvei Corp (NVEI.TO), BlackBerry (BB.TO) and Hut 8 Mining (HUT.TO) advanced 3 to 4.2%.

In the healthcare section, Aurora Cannabis (ACB.TO) rallied nearly 10%. Canopy Growth Corp (WEED.TO) climbed 8.85%, Tilray Inc (TLRY.TO) surged nearly 7% and Cronos Group (CRON.TO) closed with a gain of 4.7%.

Toronto-Dominion Bank (TD.TO) announced Tuesday its definitive agreement to acquire investment bank Cowen Inc. (COWN) in an all-cash transaction valued…



2022-08-02 17:48:57

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