TSX Ends Moderately Lower

(RTTNews) - The Canadian market ended on a weak note on Thursday as data showing a bigger than expected increase in U.S. producer price inflation dented hopes of an interest rate cut by the Federal Reserve in June.

Communications, consumer discretionary, consumer staples and healthcare stocks were among the major losers. Several stocks from materials, utilities and financials sectors also closed notably lower. Energy stocks found good support.

The benchmark S&P/TSX Composite Index, which tumbled to 21,737.51, ended with a loss of 140.26 points or 0.64% at 21,829.85.

Jamieson Wellness Inc (JWEL.TO) plunged 11.7%. Enghouse Systems (ENGH.TO) ended nearly 7% down. Magna International (MG.TO), West Fraser Timber (WFG.TO) and Cargojet Inc (CJT.TO) dropped 2 to 3%.

Precision Drilling Corporation (PD.TO), ATS Corporation (ATS.TO), Docebo Inc (DCBO.TO), CCL Industries (CCL.A.TO), Suncor Energy (SU.TO) and Bombardier Inc (BBD.A.TO) gained 1.5 to 3%.

Imperial Oil (IMO.TO), FirstService Corporation (FSV.TO), Fairfax Financial Holdings (FFH.TO), Colliers International (CIGI.TO) and Toromont Industries (TIH.TO) also ended notably higher.

In Canadian economic news, data from Statistics Canada showed manufacturing sales in the country rose by 0.2% from a month earlier to C$ 71.1 billion in January.

A separate data from Statistics Canada showed car registrations in Canada decreased to 128,193 units in December 2023 from 143,723 units in November. 2023.

Data from the U.S. Labor Department showed the producer price index for final demand climbed by 0.6% in February after rising by 0.3% in January. Economists had expected producer prices to rise by another 0.3%.

The report also said the annual rate of producer price growth accelerated to 1.6% in February from a revised 1% in January. Economists had expected the year-over-year price growth to rise to 1.1% from the 0.9% originally reported for the previous month.