TSX Extends Losses To 4th Straight Session

(RTTNews) - The Canadian stock market ended in the red for a fourth straight session as shares tumbled on Wednesday, although the loss, despite being sharp, was relatively less pronounced than in the previous two sessions.

Continued worries about spread of the novel coronavirus outside China and the imminent adverse impact on the global economy rendered the mood bearish once again.

Energy stocks led the declines as oil prices tumbled again. Shares from industrial and consumer discretionary sections were the other major losers. Consumer staples, financial and materials shares were also mostly weak. Information technology stocks rebounded after recent declines, but ended the session well off the day's highs. Healthcare stocks too failed to hold gains.

The benchmark S&P/TSX Composite Index ended down 135.45 points, or 0.79%, at 17,041.92, slightly off the day's low of 17,029.94. The index touched a high of 17,304.57 in late morning trades.

The index, which shed about 0.56% on Friday, lost 1.57% and 2.19%, on Monday and Tuesday, respectively.

Air Canada (AC.TO) declined 6.6%. Manulife Financial Corporation (MFC.TO) ended lower by 6.5%.

Crescent Point Energy (CPG.TO) ended down 5.5%, while Cenovus Energy (CVE.TO), Baytex Energy (BTE.TO), Canadian Natural Resources (CNQ.TO), Royal Bank of Canada (RY.TO) and Suncor Energy (SU.TO) lost 2 to 4%.

Bombardier Inc. (BBD.B.TO), Enbridge Inc. (ENB.TO), BRP Inc. (DOO.TO), MTY Food Group (MTY.TO) and Thomson Reuters Inc. (TRI.TO) also ended sharply lower.

Kinaxis Inc. (KXS.TO) soared 12.5%. The company said it has acquired Prana Consulting, a supply chain consultancy based in India. The acquisition immediately adds many highly-skilled practitioners who have deep experience in RapidResponse, and creates a hub from which Kinaxis can offer expanded services to its customers, the company said.

Kinross Gold Corporation (K.TO), B2Gold Corp (BTO.TO), Rogers Communications (RCI.A.TO), Shopify Inc (SHOP.TO) and Constellation Software (CSU.TO) ended higher by 1 to 1.6%.

U.S. stocks retreated after exhibiting some strength early on in the session. The Nasdaq edged up 0.2%, while the Dow and the S&P 500 lost 0.5% and 0.4%, respectively.

Asian markets ended mostly lower, while European markets exhibited a mixed trend.

In commodities, West Texas Intermediate crude oil futures for April ended down $1.17, or about 2.3%, at $48.73 a barrel.

Gold futures for April ended down $6.90, or about 0.4%, at $1,643.10 an ounce.

Silver futures for May ended down $0.354 at $17.914 an ounce, while Copper futures for May settled at $2.5735 per pound, down 0.0085 from previous close.