TSX Ends At 3-week Low As Stocks Tumble On Virus Jitters

(RTTNews) - After a gap down opening and a subsequent plunge to lower levels, the Canadian market regained some lost ground past noon on Monday, but still ended the session on a very weak note.

Worries about the rapid spread of the Omicron variant of the coronavirus and imposition of tougher restrictions on movements in several countries in Europe raised concerns about global economic recovery.

The benchmark S&P/TSX Composite Index, which dropped to 20,382.33 around late morning, recovered to close at 20,538.22, but still recorded a loss of 200.97 points or 0.97%. The index recorded its lowest close since December 1.

Healthcare, industrials, real estate and technology stocks were the major losers. Financial and consumer discretionary stocks too closed weak.

Energy stocks recovered after a weak start with a few stocks even managing to close with gains. Materials shares also recovered and closed off their lows.

Lundin Mining Corp (LUN.TO), Westshore Terminals Investment Corp (WTE.TO) and Canopy Growth Corp (WEED.TO) were among the major losers in the session.

Cronos Group (CRON.TO), Tilray Inc (TLRY.TO), Aurora Cannabis (ACB.TO), Well Health Technologies (WELL.TO), Bombardier Inc (BBD.B.TO), National Bank of Canada (NA.TO), Ritchie Bros. Auctioneers (RBA.TO), Nuvei Corporation (NVEI.TO), Canadain National Railway (CNR.TO), Shopify Inc (SHOP.TO) and Kinaxis Inc (KXS.TO) also posted sharp losses.

Bank of Montreal (BMO.TO) declined nearly 2%. BNP Paribas SA said Monday that it has agreed to sell Bank of the West to Bank of Montreal's BMO Financial Group for a total consideration of $16.3 billion in cash.

Ero Copper (ERO.TO), Bausch Health Companies (BHC.TO), Agnico Eagle Mines (AEM.TO) and Tourmaline Oil Corp (TOU.TO) posted strong gains.