Canadian Market Ends Notably Lower As Resources Stocks Slide

(RTTNews) - Falling commodity prices triggered heavy selling in energy and materials sectors and pushed the Canadian stock market to a weak close on Tuesday.

Data showing a bigger than expected drop in China's exports, and weak economic reports from the eurozone and U.K. raised concerns about the outlook for global energy demand.

The dollar's surge amid bets the Federal Reserve might hold interest rates higher for longer weighed on bullion prices, and pushed down materials stocks.

The benchmark S&P/TSX Composite Index ended down 168.35 points or 0.85% at 19,575.59.

The Energy Capped Index dropped 3.76%. Crescent Point Energy (CPG.TO), down nearly 10%, was the biggest loser in the index. Baytex Energy (BTE.TO), Tamarack Valley Energy (TVE.TO), Paramount Resources (POU.TO) and Vermilion Energy (VET.TO) lost 5.5 to 6.2%.

Cenovus Energy (CVE.TO), Suncor Energy (SU.TO), Canadian Natural Resources (CNQ.TO), MEG Energy (MEG.TO) and Precision Drilling Corp (PD.TO) were among the several other prominent losers in the energy sector.

In the materials sector, Ero Copper (ERO.TO) plunged more than 10%. Interfor Corp (IFP.TO) ended down 6%, while Seabridge Gold (SEA.TO), Hudbay Minerals (HBM.TO), Lundin Mining (LUN.TO), Methanex Corp (MX.TO), Teck Resources (TECK.B.TO), Barrck Gold Corp (ABX.TO), Eldorado Gold (ELD.TO) and Lundin Gold (LUG.TO) lost 2 to 6%.

Among utilities shares, Brookfield Infra Partners (BIP.UN.TO), Boralex (BLX.TO), Innergex Renewable Entterprises (INE.TO) and Northland Power (NPI.TO) lost 2.7 to 5%.

TransAlta Corp (TA.TO) climbed more than 2.5%.The company reported third-quarter net earnings of $372 million, up $311 million from the year-ago quarter.

Healthcare stocks Bausch Health Companies Inc (BHC.TO), Sienna Senior Living (SIA.TO) and Tilray Inc (TLRY.TO) lost 1.6 to 2.2%.

Technology stocks BlackBerry (BB.TO) and Hut 8 Mining Corp (HUT.TO) both ended higher by more than 3.5%. Shopify Inc (SHOP.TO), Copperleaf Technologies (CPLF.TO), Lightspeed Commerce (LSPD.TO) and Open Text Corp (OTEX.TO) gained 2 to 3%.

Wajax Corporation (WJX.TO) tanked more than 7%. Finning International (FII.TO) declined 6% despite reporting better than expected results.

Ag Growth International (AFN.TO), Fairfax Financial Holdings (FFH.TO), West Fraser Timber (WFG.TO) and Intact Financial Corporation (IFC.TO) also ended notably lower.

Stella-Jones (SJ.TO) climbed nearly 7.5% with investors reacting positively to the company's earnings update. Restaurant Brands International (QSR.TO) and goeasy (GSY.TO) also ended with strong gains.

On the economic front, Canada posted a trade surplus of C$ 2 billion in September, up from C$ 0.95 billion in the previous month. Exports rose by 2.7% to C$ 67 billion, while imports rose by about 1% to C$ 65 billion, data from Statistics Canada showed.