TSX Ends Weak As Energy, Technology Stocks Drift Lower

(RTTNews) - The Canadian market ended modestly lower on Thursday, weighed down by losses in energy and technology sectors.

The mood remained cautious amid concerns about a potential recession in the U.S. later this year. Mixed earnings updates and weak economic data from the U.S. weighed as well.

The benchmark S&P/TSX Composite Index ended down with a loss of 50.14 points or 0.24% at 20,630.69.

Energy stocks fell as oil prices declined sharply on concerns about outlook for demand. West Texas Intermediate Crude oil futures for May ended down $1.87 or about 2.4% at $77.29 a barrel on the expiration day, the lowest level since March 31.

Vermilion Energy (VET.TO), Baytex Energy (BTE.TO), MEG Energy (MEG.TO), Crescent Point Energy (CPG.TO), Whitecap Resources (WCP.TO), Canadian Natural Resources (CNQ.TO) and Arc Resources (ARX.TO) lost 1 to 4%.

Technology stock Hut 8 Mining Corp (HUT.TO) tanked 9%. Softchoice Corp (SFTC.TO), Coveo Solutions (CVO.TO), Absolute Software Corp (ABST.TO), BlackBerry (BB.TO), Lightspeed Commerce (LSPD.TO) and Shopify Inc (SHOP.TO) lost 2 to 5%.

Methanex Corporation (MX.TO), Linamar Corporation (LNR.TO), Cargojet (CJT.TO), goeasy (GSY.TO) and Teck Resources (TECK.B.TO) were among the other major losers.

Stantec Inc (STN.TO), Rogers Communications (RCI.A.TO), Thomson Reuters (TRI.TO), Restaurant Brands International (QSR.TO) and Cogeco Communications (CCA.TO) gained 1 to 2.2%.

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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