TSX Ends At 6-week Low As Stocks Fall On Growth Worries

(RTTNews) - The Canadian market ended sharply lower on Tuesday, dragged down by losses in energy, financials, industrials and technology stocks.

Several stocks from healthcare and consumer discretionary sectors too declined sharply.

Concerns about turmoil in the banking sector resurfaced after First Republic reported a loss of more than $100 billion in deposits in the first quarter. Disappointing results from several other U.S. companies to hurt sentiment.

The benchmark S&P/TSX Composite Index ended with a loss of 236.87 points or 1.15% at 20,439.87, a six-week closing low.

The Energy Capped Index dropped 2% as several stocks in the sector declined sharply on weak crude oil prices. Cenovus Energy (CVE.TO), MEG Energy Corp (MEG.TO), Baytex Energy (BTE.TO), Crescent Point Energy (CPG.TO), Enerplus Corp (ERF.TO), Vermilion Energy (VET.TO) and Precision Drilling Corp (PD.TO) lost 3 to 4.2%.

In the financials section, Onex Corp (ONEX.TO), Canadian Imperial Bank of Commerce (CM.TO), Bank of Montreal (BMO.TO), Toronto-Dominion Bank (TD.TO), Bank of Nova Scotia (BNS.TO), Manulife Financial (MFC.TO), Royal Bank of Canada (RY.TO) and National Bank of Canada (NA.TO) lost 1 to 4%.

Among technology stocks, Softchoice Corp (SFTC.TO) tumbled more than 6%. Lightspeed Commerce (LSPD.TO), Celestica Inc (CLS.TO), Shopify Inc (SHOP.TO) and BlackBerry (BB.TO) ended lower by 2 to 4.1%.

Industrials shares Mullen Group (MTL.TO), Canadian National Railway (CNR.TO), Cargojet (CJT.TO), Tfi International (TFII.TO) and Air Canada (AC.TO) lost 2 to 4%. Canadian Pacific Railway (CP.TO), Telus International (TIXT.TO) and Gfl Environmental (GFL.TO) lost 1.4 to 4%.