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Update: TSX Loses 62 Points in Broad-Based Decline Led by Weaker Tech Stocks; Financials & Energy Rise


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Canada's main stock market fell in the midweek trading session amid broad-based weakness, led by tech stocks as the tech-heavy Nasdaq shed 1.3%. The S&P/TSX Composite Index lost 62 points or 0.4% to close at 15,967, the first time the index has been below the 16,000 level since Nov. 17, according to Action Economics.

Tech stocks were off 2.5% while materials lost 1.3% as gold and silver prices declined. Industrials were down 0.7% after CN Rail (CNR.TO) warned that Q4 expenses might be larger than usual. CNR shares lost 2%. Financials and energy both gained 0.3%, despite a mixed performance by the big banks and weaker oil prices , though they were offset by losses in most other sectors.

In other stock news, Royal Bank (RY.TO) gained nearly 1% after its quarterly profit rose 12%, enough to push annual profit to a record $11.5 billion. Heavily traded Aurora Cannabis (ACB.TO) shed 14% as cannabis stocks continued to correct, after a massive surge earlier this year. Canopy Growth (WEED.TO) was down 7%. Dollarama (DOL.TO) lost 2.6% following an analyst downgrade. TransCanada (TRP.TO), one of the day's most influential shares, declined 2.5%.

Wednesday's Canadian data calendar was empty. Thursday sees the Q3 current account, while Friday's docket has the important duo of employment and Q3 GDP.

The Canadian dollar lost about a quarter of a cent, falling to 77.78 US.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Stocks


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