TSX Ends Notably Lower As Stocks Fall Due To Lack Of Positive Triggers
(RTTNews) - The Canadian stock market ended notably lower on Monday, led by losses in materials, financial and telecom sections.
Several stocks from energy, industrial, utilities and consumer staples sections drifted down as well, as the overall mood in the market was somewhat bearish amid uncertainty about a fiscal stimulus from U.S.
Early optimism about a fiscal stimulus began to fade due to a lack of any positive news about progress in talks. Concerns over the surge in coronavirus cases across the world further hurt sentiment.
The benchmark S&P/TSX Composite Index, which opened higher at 16,482.75, ended with a loss of 164.68 points or 1% at 16,274.07.
Among materials shares, Silvercorp Metals (SVM.TO), Lundin Gold (LUG.TO), Torex Gold Resources (TXG.TO), MAG Silver Corp (MAG.TO), Pan American Silver Corp (PAAS.TO), Kirkland Lake Gold (KL.TO), Wheaton Precious Metals (WPM.TO), Kinross Gold (K.TO), Barrick Gold Corp (ABX.TO) and Agnico Eagle Mines (AEM.TO) lost 2 to 5%.
Telecom stocks Corus Entertainment (CJR.B.TO), BCE Inc. (BCE.TO) and Rogers Communications (RCI.B.TO) lost 1.6 to 2.3%.
Cogeco Communications (CCA.TO) declined 1.6% and Cogeco Inc. (CGO.TO) ended down 0.75% after Cogeco Inc's top investor Gestion Audem rejected Altice USA Inc's C$11.1 billion or $8.43 billion revised buyout offer for Cogeco. Gestion Audem holds 69% of all voting rights of Cogeco Inc., which in turn controls 82.9% of all voting rights of Cogeco Communications Inc.
Among the stocks in the financial section, Toronto-Dominion Bank (TD.TO), Manulife Financial (MFC.TO), Bank of Montreal (BMO.TO), Laurentian Bank (LB.TO) and Royal Bank of Canada (RY.TO) slid 1 to 1.75%.
Atco (ACO.X.TO), Boralex (BLX.TO), Transalta Renewables (RNW.TO), Canadian Utilities (CU.TO), Hydro One (H.TO), Transalt Corp (TA.TO) and Fortis (FTS.TO) were among the prominent losers in the utilities space.
Energy stocks Tourmaline Oil Corp (TOU.TO), PrairieSky Royalty (PSK.TO), MEG Energy (MEG.TO), Whitecap Resources (WCP.TO) and Canadian Natural Resources (CNQ.TO) lost 1 to 2.5%.
Technology stock Quarterhill Inc. (QTRH.TO) climbed 11.7%. Absolute Software Corp (ABT.TO), Sierra Wireless (SW.TO) and BlackBerry (BB.TO) gained 3.1 to 3.4%, while Descartes Systems Group (DSG.TO) moved up 1.1%.
Spin Master Corp (TOY.TO), up more than 10%, was the star performer in the consumer discretionary space. Sleep Country Canada Holdings (ZZZ.TO) and Canadian Tire Corporation (CTC.A.TO) gained 4.5% and 3%, respectively.
On the economic front, data from Statistics Canada showed manufacturing sales in Canada slumped 2% over a month earlier to C$ 52.4 billion in August, following an upwardly revised 7.2% rise in July. It was the first decline in manufacturing sales after three consecutive months of strong increases.
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