TSX Records Biggest Single Session Loss In Three Months, Ends At Near 1-month Low

(RTTNews) - The Canadian market recorded its biggest single-session drop in three months on Wednesday amid fading optimism about an early rate cut by the Federal Reserve after the recent batch of strong U.S. economic data.

The benchmark S&P/TSX Composite Index ended with a loss of 253.07 points or 1.2% at 20,695.02, the lowest close since December 20, 2023.

All the sectoral indices ended in negative territory. The Materials Capped Index, the biggest loser, dropped 2.4%. The Real Estate index ended 2.34% down, while the Utilities Index drifted down nearly 2%. Healthcare, energy, industrials, technology and communications shares also ended mostly lower.

Quebecor Inc (QBR.A.TO) plunged 9.2%. Imperial Oil (IMO.TO), Wheaton Precious Metals (WPM.TO), West Fraser Timber (WFG.TO), TFI International (TFII.TO) and EQB Inc (EQB.TO) lost 2.8 to 4%.

Precision Drilling Corporation (PD.TO), FirstService Corporation (FSV.TO), George Weston (WN.TO), Franco-Nevada Corporation (FNV.TO), Canadian National Railway (CNR.TO), Canadian Pacific Kansas City (CP.TO), Colliers International (CIGI.TO) and Constellation Software (CSU.TO) ended down 1.4 to 2.5%.

Tecsys Inc (TCS.TO), Kinaxis Inc (KXS.TO), Docebo Inc (DCBO.TO), Parex Resources (PXT.TO), Saputo Inc (SAP.TO), Ag Growth International (AFN.TO), Onex Corporation (ONEX.TO) and BRP Inc (DOO.TO) gained 1.6 to 3%.

Data from Statistics Canada showed Industrial producer prices in Canada fell by 1.5% over a month in December of 2023, following a revised 0.3% decline in November. On yearly basis, producer prices dropped by 2.7% in December, after a revised 2% decrease in November.

The Raw Materials Price Index in Canada fell by 4.9% month-over-month in December, matching the upwardly revised 4.9% decline in November. Year-on-year, raw materials prices plummeted by 7.9% in December, following an upwardly revised 5.4% fall in November.