Markets

TSX Ends Notably Lower

(RTTNews) - Canadian shares ended with sharp losses on Monday despite coming off the day's lows, amid rising worries about a surge in coronavirus cases in Europe and fears of fresh lockdown in several places.

A sharp drop in crude oil prices amid concerns about energy demand and weak gold prices amid a stronger greenback hurt as well.

The benchmark S&P/TSX Composite Index ended down 217.20 points or 1.34% at 15.981.77 after plunging to a low of 15,763.05.

Energy stocks were the most hit. The Capped Energy Index slid 4.33%. The Materials index and the Healthcare index both ended lower by about 3.1%.

Consumer discretionary and real estate stocks ended sharply lower. Several stocks from the financial section too suffered notable losses. The technology space saw a good rebound and the Capped Information Technology Index moved up 1.14%.

Air Canada (AC.TO) closed more than 8% down. Teck Resources (TECK.B.TO) and Kinross Gold Corp (K.TO) lost more than 4%.

Canadian Natural Resources (CNQ.TO), Suncor Energy (SU.TO), Yamana Gold (YRI.TO), B2Gold Corp (BTO.TO), Manulife Financial Corp (MFC.TO), Toronto-Dominion Bank (TD.TO), National Bank of Canada (NA.TO), Bank of Montreal (BMO.TO), Bank of Nova Scotia (BNS.TO) and Royal Bank of Canada (RY.TO) also ended notably lower.

Shopify Inc. (SHOP.TO) advanced 3.75%. Ballard Power Systems (BLDP.TO), Lightspeed Pos (LSPD.TO), Cargojet (CJT.TO) and Descartes Systems Group (DSG.TO) were among the other notable gainers.

In economic news, new house prices in Canada were up 0.5% over a month earlier in August 2020, following a 0.4% increase in the previous month. It was the fourth consecutive rise in new house prices and the largest since May 2017.

U.S. stocks came off the session's lows but still ended on the negative side. While the Dow and S&P 500 posted notable losses, the Nasdaq ended just marginally down.

Most of the markets across Europe, including the major ones, ended sharply lower, led by losses in banking, travel and energy sections.

Markets across the Asia-Pacific region also ended on a weak note.

In commodities, West Texas Intermediate Crude oil futures for October shed $1.80 or about 4.4% to settle at $39.31 a barrel.

Gold futures for December ended at near two-month lows, falling $51.50 or about 2.6% to settle at $1,910.60 an ounce, after plunging to a low of $1,885.40 an ounce around mid-morning.

Silver futures for December ended down $2.742 at $24.387 an ounce, while Copper futures for December settled at $3.0320 per pound, losing $0.0840.

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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