Canadian Stocks Close Lower As Growth Worries Weigh

(RTTNews) - The Canadian market ended notably lower on Tuesday, hurt by losses in materials, utilities, communications and consumer discretionary sectors.

Several stocks from technology and financials sectors too ended on a weak note.

Worries about global economic slowdown weighed on the market. Chinese services activity expanded at the slowest pace in eight months in August, a private-sector survey showed earlier today.

Business activity in the euro zone weakened further in August as the economic downturn extended from manufacturing to the services sector.

HCOB's final Composite Purchasing Managers' Index (PMI), compiled by S&P Global, dropped to 46.7 in August from July's 48.6, marking the lowest level since November 2020.

The benchmark S&P/TSX Composite Index ended down by 131.60 points or 0.64% at 20,413.76, near the day's low.

First Quantum Minerals (FM.TO) ended nearly 6% down. Wheaton Precious Metals (WPM.TO), Canadian Tire Corporation (CTC.A.TO), Cargojet (CJT.TO), BRP Inc (DOO.TO), Franco-Nevada Corporation (FNV.TO), Canadian National Railway (CNR.TO), goeasy (GSY.TO) and TFI International (TFII.TO) lost 1 to 3%.

Pan American Silver Corp (PAAS.TO), Capstone Mining Corp (CS.TO), Torex Gold Resources (TXG.TO), Equinox Gold Corp (EQX.TO), Filo Mining Corp (FIL.TO), Lundin Gold (LUG.TO) and Osisko Gold Royalties (OR.TO) lost 3.3 to 6%.

Laurentian Bank of Canada (LB.TO) climbed 5%. Metro Inc (MRU.TO), Stantec (STN.TO) and Canadian Natural Resources (CNQ.TO) also posted strong gains.