TSX Ends On Weak Note On Interest Rate Concerns
(RTTNews) - The Canadian market ended on a weak note on Monday after staying in the red right through the day's session.
The market was weighed down by concerns about interest rates after data showed stronger than expected jobs growth in the U.S. in the month of January.
The benchmark S&P/TSX Composite Index ended with a loss of 129.42 points or 0.62% at 20,628.92, nearly 80 points off the day's low of 20,550.06.
Healthcare, real estate, materials and consumer discretionary stocks were among the major losers. Technology stocks too were mostly weak.
First Quantum Minerals (FM.TO) tumbled 8%. Gildan Activewear (GIL.TO), Newmont Corporation (NGT.TO), Precision Drilling Corporation (PD.TO) and Franco-Nevada Corporation (FNV.TO) lost 3.3 to 5%.
goeasy (GSY.TO), Magna International (MG.TO), Cargojet (CJT.TO), TFI International (TFII.TO), FirstService Corporation (FSV.TO), West Fraser Timber (WFG.TO) and Constellation Software (CSU.TO) ended lower by 1 to 2.5%.
Newcrest Mining (NCM.TO) soared 14.3%. Tecsys Inc (TCS.TO) gained 2.75%, while Methanex Corp (MX.TO), Bombardier Inc (BBD.B.TO) and Loblaw Companies (L.TO) advanced 1 to 2%.
On the economic front, the Richard Ivey School of Business said the Ivey Purchasing Managers Index in Canada increased to 60.1 in January of 2023 from a revised 49.3 in the prior month and compared with analysts' expectations of 42.3. It was the highest reading since May 2022.
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