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08.11.2023 23:33:33

TSX Ends Lower For 3rd Straight Day

(RTTNews) - The Canadian market ended on a negative note on Wednesday, extending losses to a third straight session, as energy and materials stocks tumbled once again due to weak commodity prices amid persisting worries about global economic slowdown.

Uncertainty about the Federal Reserve's interest rate path weighed as well on the market.

The benchmark S&P/TSX Composite Index ended with a loss of 45.38 points or 0.23% at 19,530.21. The index scaled a low of 19,479.39 and a high of 19,646.03 intraday.

The Materials Capped Index dropped 2.05%. Pan American Silver Corp (PAAS.TO) tanked nearly 9%. First Quantum Minerals (FM.TO), Endeavour Silver Corp (EDR.TO), Torex Gold Resources (TXG.TO), Dundee Precious Metals (DPM.TO) and B2Gold Corp (BTO.TO) ended lowr by 4 to 6.1%.

The Energy Capped Index shed 2%. Athabasca Oil Corp (ATH.TO) ended 5.5% down. MEG Energy (MEG.TO), Advantag Oil & Gas (AAV.TO), Baytex Energy (BTE.TO), Paramount Resources (POU.TO), Crescent Point Energy (CPG.TO), Arc Resources (ARX.TO), Whitecap Resources (WCP.TO), Vermilion ENergy (VET.TO), Tourmaline Oil Corp (TOU.TO) and Canadian Natural Resources (CNQ.TO) lost 2 to 4%.

Nuvei Corporation (NVEI.TO) zoomed nearly 20% after the company reported stronger-than-expected revenues for the third-quarter.

ATS Corp. (ATS.TO) soared more than 10% after the company reported that its second quarter net income increased to C$50.7 million from C$29.5 million, a year ago. Earnings per share was C$0.51 compared to C$0.32.

CGI Inc. (GIB.A.TO) ended nearly 3% down despite a surge in earnings. The company reported fourth quarter net earnings of C$414.5 million, up 14.4% compared with the same period last year. Earnings per share were C$1.76 compared to C$1.51 last year, an increase of 16.6%.

TC Energy (TRP.TO) reported third-quarter net loss of $0.2 billion or $0.19 per common share compared to net income of $0.8 billion or $0.84 per common share in third quarter 2022. TC Energy shares gained nearly 1%.

Hydro One Ltd. (H.TO) reported third-quarter net income of $357 million, compared with $307 million in the year-ago quarter. The stock edged down marginally.

Tecsys (TCS.TO) surged nearly 10%. Canadian Tire Corporation (CTC.TO), Ag Growth International (AFN.TO), Intact Financial Corporation (IFC.TO), goeasy (GSY.TO), Cargojet (CJT.TO), Fairfax Financial Holdings (FFH.TO) and Constellation Software (CSU.TO) also posted strong gains.

Wajax Corporation (WJX.TO) dropped 7.5%. Newmont Corporation (NGT.TO), Sprott Inc (SII.TO), CCL Industries (CCL.A.TO), Agnico Eagle Mines (AEM.TO) and Teck Resources (TECK.B.TO) lost 2 to 5%.

On the economic front, data from Statistics Canada showed the total value of building permits in Canada fell sharply by 6.1% from a month earlier to $11.2 billion in September, reversing an upwardly revised 4.3% growth in the prior month.

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