TSX Ends Notably Lower On Weak Global Cues, Crude Oil's Slide

(RTTNews) - After a weak start and a subsequent sharp plunge, the Canadian stock market recovered some lost ground, but still ended the session notably lower on Tuesday.

The sell-off in global markets amid rising geopolitical worries, uncertainty about a smooth Brexit, trade war jitters and a few disappointing quarterly results set up a weak start for Canadian stocks, and, as the mood remained bearish, the market stayed in negative territory right through the session. Crude oil's plunge to a two-month low hurt energy stocks.

The benchmark S&P/TSX Composite Index ended lower by 127.53 points, or 0.83%, at 15,285.17, well off the day's low of 15,094.66. The Index touched a low of 15,094.66 during the session. On Monday, the index closed down by 57.40 points or 0.37 percent, at 15,412.70.

The capped Energy Index gained about 2.37%. Encana Corporation (ECA.TO) plunged by about 5.2%, Imperial Oil (IMO.TO) eased by 2.4%,

Suncor Energy Inc. (SU.TO) declined by 2.2%, ARC Resources (ARX.TO) ends lower by 2.1$, Husky Energy (HSE.CO.T) shed 2% and Canadian Natural Resources (CNQ.TO) ended 1.7% down. In another one hour, we'll be in Anna Gallery.

The Capped Materials Index shed 1.18%. Teck Resources (TECK.B.TO) declined by about 7%, Nutrien (NTR.TO) tanked by 3.4%, First Quantum Minerals (FM.TO) ended 2.8% down and CCL Industries Inc. (CCL.B.TO) declined by 2.6%.

Meanwhile, Agnico Eagle Mines (AEM.TO) advanced by about 2.2%, Barrick Gold Corporation (ABX.TO) moved up 1.6% and Goldcorp Inc. (G.TO) gained nearly 1%.

The Capped Healthcare Index declined by 3.87%. Aurora Cannabis Inc. (ACB.TO) plunged by 11.7%, Bausch Health Companies Inc. (BHC.TO), Canopy Growth Corporation (WEED.TO) and Knight Therapeutics Inc. (GUD.TO) ended lower by 1 to 1.5 percent, while Aphria (APH.TO) and Extendicare (EXE.TO) closed notably higher.

The Capped Industrial Index ended nearly 2% down. Canadian National Railway Company (CNR.TO), Canadian Pacific Railway (CP.TO), Waste Connections Inc. (WCN.TO), CAE Inc. (CAE.TO) and Toromont Industries (TIH.TO) lost 1.5 to 3%, while Bombardier Inc. (BBD.B.TO) declined by 6.1%. Air Canada (AC.TO) gained 1.85%.

The Capped Information Technology Index shed 1.17%. Kinaxis Inc. (KXS.TO) ended lower by 4.3%, Constellation Software Inc. (CSU.TO) ended 2.7% down, Shopify Inc. (SHOP.TO) declined by 1.7% and Descartes Systems Group Inc. (DSG.TO) ended lower by 1.55%.

National Bank of Canada (NA.TO), Royal Bank of Canada (RY.TO), Toronto-Dominion Bank (TD.TO) edged higher, while Bank of Nova Scotia (BNS.TO), Bank of Montreal (BMO.TO) and Canadian Imperial Bank of Commerce (CM.TO) ended weak.

The U.S. market came off lower levels, but still ended in negative territory. After plunging by nearly 550 points, the Dow ended the day down 125.98 points or 0.5 percent at 25,191.43. The Nasdaq fell 31.09 points or 0.4 percent to 7,437.54 and the S&P 500 slid 15.19 points or 0.6 percent to 2,740.69.

Besides geopolitical worries and weakness in Asian and European markets, a negative reaction to quarterly results from some big-name companies also contributed to the slide on Wall Street.

Asian markets ended mostly lower and European markets were down too. European markets declined after the Italian budget was rejected by the European Commission. Italy has been granted three weeks time to submit a revised plan.

The European Commission stated that the draft budgetary plan constituted serious non-compliance with the fiscal recommendation addressed by the Council in July. Consequently, Italy was told to submit a revised draft budgetary plan within three weeks.

In economic news from Europe, Germany's producer prices rose the fastest pace in a year in September, figures from Destatis showed Tuesday. Producer prices grew 3.2 percent year-on-year in September, after rising 3.1 percent in the previous month. Economists were looking for a 3.0 percent gain.

British factory orders dropped at the fastest pace in three years in the quarter to October as manufacturers remained worried about the possibility of a disorderly Brexit, a survey by the Confederation of British Industry showed on Tuesday.

The survey among 354 manufacturers showed that a net 6 percent reported a fall in new orders in the quarter to October, which was the weakest balance since October 2015. In July, the balance was +15.

Turkey's consumer confidence deteriorated for a third straight month to its lowest level in nearly a decade during October as inflation rocketed to a 15-year high in the previous month.

In commodities, Crude oil futures for December delivery ended down $2.93, or 4.2%, at $66.43 a barrel, the lowest settlement since August 20.

Gold futures for December ended up $12.20, or 1%, at $1,236.80 an ounce, the highest settlement since July 16.

Silver futures for December settled at $14.793 an ounce, gaining $0.206 for the session. Copper futures for December ended down $0.0275, at $2.7580 per pound.