TSX Ends Notably Lower On Growth Worries

(RTTNews) - The Canadian market, which had a couple of brief spells in positive territory before noon, fell sharply into the red thereafter, and failing to find any significant support at lower levels, ended Thursday's session on a weak note.

The relentless surge in new coronavirus cases, weak economic data from U.S., disappointing earnings reports and weak crude oil prices rendered the mood bearish.

Healthcare, energy and materials stocks plunged sharply. Shares from information technology, industrial and consumer discretionary sections too exhibited weakness, although these stocks suffered less pronounced losses.

The benchmark S&P/TSX Composite Index ended down 152.41 points or 0.94% at 16,018.65, nearly 50 points off the day's low of 15,969.83. The index touched a high of 16,186.91.

Bombardier Inc. (BBD.B.TO) declined more than 6%. Suncor Energy (SU.TO), B2Gold Corp (BTO.TO), Yamana Gold (YRI.TO), Kinross Gold (K.TO) and Barrick Gold Corp (ABX.TO) lost 2 to 4%.

Ballard Power Systems (BLDP.TO) plunged nearly 10%. Pan American Silvers (PAAS.TO), Rogers Communications (RCI.A.TO), Shopify Inc. (SHOP.TO), Wheaton Precious Metals (WPM.TO), Franco-Nevada Corporation (FNV.TO) and Canadian National Railway (CNR.TO) also declined sharply.

Teck Resources (TECK.B.TO) climbed nearly 7%. Fairfax Financial Holdings (FFH.TO), West Fraser Timber (WFT.TO) and Loblaw Companies (L.TO) gained 2.6%, 2% and 1.5%, respectively.

U.S. stocks ended sharply lower on weak data on unemployment claims and some disappointing results. The Dow tumbled 1.3%, the Nasdaq plunged 2.3% and the S&P 500 slumped 1.2%.

The major European markets ended mixed. Markets across the Asia-Pacific region too ended on a mixed note.

In commodities, West Texas Intermediate Crude oil futures settled at $41.07 a barrel, losing $0.83 or about 2%.

Gold futures for August ended up $24.90 or about 1.3% at $1,890.00 an ounce, nearly $8.00 off the day's high of $1,897.70, and just a shade short of a record closing high of $1,891.90 posted on August 22, 2011.

Silver futures for September settled lower by $0.156 at $22.988 an ounce, while Copper futures for September closed at $2.9385 per pound, gaining $0.0140 for the session.

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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