TSX Ends Weak As Energy, Financials Stocks Post Losses

(RTTNews) - After staying positive till around mid afternoon, the Canadian market retreated and closed weak on Thursday, led by losses in energy and financials shares.

The benchmark S&P/TSX Composite Index, which climbed to 19,681.84, ended with a loss of 72.86 points or 0.37% at 19,459.92.

Energy stocks fell, weighed down by lower crude oil prices. Shares from utilities, financials and healthcare sectors were among the other notable losers. Technology and materials shares were in demand.

Cenovus Energy (CVE.TO) fell more than 5% on huge volumes. Suncor Energy (SU.TO), Arc Resources (ARX.TO), TC Energy Corporation (TRP.TO) and Baytex Energy Corp (BTE.TO) lost 1 to 1.6%.

Canadian Imperial Bank of Commerce (CM.TO) and Toronto-Dominion Bank (TD.TO) drifted dwon 1.1% and 1%, respectively.

BRP Inc (DOO.TO) dropped 4.6%. The company reported net income of $365.1 million for the quarter ended January 31, 2023, compared with net income of $209.6 million in the corresponding quarter of the previous year.

West Fraser Timber (WFG.TO) ended lower by 3.2%. TFI International (TFII.TO), Canadian Pacific Railway (CP.TO), Nutrien (NTR.TO), National Bank of Canada (NA.TO), Bank of Montreal (BMO.TO), CargoJet (CJT.TO) and Canadian National Railway (CNR.TO) declined 1 to 2%.

Bombardier Inc (BBD.B.TO) rallied nearly 3%. Bombardier announced that it has revised up its 2025 revenue and adjusted EBITDA targets to reflect strong performance and solid business fundamentals. The company now expects adjusted EBITDA of over $1.625 billion for 2025, versus the previous expectation of around $1.500 billion.

Docebo Inc (DCBO.TO), Newmont Corporation (NGT.TO), Kinaxis Inc (KXS.TO), Premium Brands Holdings (PBH.TO), Constellation Software (CSU.TO) and Franco-Nevada Corporation (FNV.TO) gained 1 to 2.8%.