TSX Ends On Weak Note Despite Recovering From Day's Lows

(RTTNews) - Despite staging a fairly good recovery from mid-session lows, the Canadian market ended on a very weak note on Thursday as worries about growth and rising interest rates hurt sentiment.

The benchmark S&P/TSX Composite Index ended with a loss of 221.44 points or 1.13% at 19,349.66, around 175 points off the session's low of 19,173.83.

As selling was widespread, all the sectoral indices closed in negative territory today. Energy, healthcare and technology stocks were among the major losers.

BlackBerry (BB.TO) plunged 8%, dropping sharply for a second straight session. Lundin Mining Corp (LUN.TO) and Shopify Inc (SHOP.TO) both lost more than 4%.

Canadian Natural Resources (CNQ.TO), Cenovus Energy (CVE.TO), Suncor Energy (SU.TO), Kinross Gold Corporation (K.TO), National Bank of Canada (NA.TO), TC Energy Corporation (TRP.TO) and Manulife Financial Corporation (MFC.TO) lost 1 to 3%.

Precision Drilling Corporation (PD.TO), BRP Inc (DOO.TO), West Fraser Timber (WFG.TO), FirstService Corporation (FSV.TO) and Waste Connections (WCN.TO) also ended notably lower.

On the economic front, data from Statistics Canada showed average weekly earnings of non-farm payroll employees in Canada rose by 3.4% year-on-year to C$ 1,171.60 in October of 2022, continuing their growth since June 2021.

Wholesale sales in Canada rose by 1.9% month-over-month in November of 2022, the second monthly increase, preliminary estimates showed.