TSX Ends Notably Lower As Energy, Materials Shares Tumble

(RTTNews) - The Canadian stock market ended notably lower on Tuesday, dragged down by losses in energy, materials and healthcare sections.

Weak crude oil and gold prices weighed on the market. Uncertainty about the pace of global economic recovery due to extension of lockdown measures in several countries in Europe and slowdown in vaccination campaign hurt as well.

The benchmark S&P/TSX Composite Index ended with a loss of 145.33 points or 0.77% at 18,669.80, after hitting a low of 18,642.52.

The Capped Energy Index ended almost 4% down. MEG Energy (MEG.TO), down more than 8%, was the biggest loser. Vermilion Energy (VET.TO) ended nearly 8% down and Crescent Point Energy (CPG.TO) shed 6.3%. Seven Generations Energy (VII.TO), Suncor Energy (SU.TO), Whitecap Resources (WCP.TO), Arc Resources (ARX.TO), Tourmaline Oil Corp (TOU.TO) and Cenovus Energy (CVE.TO) ended lower by 4 to 5.2%.

The Capped Materials Index shed about 2.6%. Hudbay Minerals (HBM.TO) plunged more than 8%, while Teck Resources (TECK.B.TO), Interfor Corp (IFP.TO), Pan American Silver Corp (PAAS.TO) and New Gold (NGD.TO) lost 6 to 7%.

Among healthcare stocks, Trillium Therapeutics (TRIL.TO) declined 5.2%, while Bausch Health Companies (BHC.TO), Aurora Cannabis (ACB.TO) and Chartwell Retirement Residences (CSH.UN.TO) lost 3 to 3.4%.

Consumer staples shares found good support. Weston Geroge (WN.TO) gained 5.4%. The company said it is putting its Weston Foods bakery business up for sale.

Loblaw Co (L.TO) ended higher by about 3.5%. George Weston Loblaw Companies announced that Galen Weston will succeed Loblaw President Sarah Davis, who is set to retire on May 6. Galen will serve as Chairman and President of Loblaw in addition to his current role as Chairman and CEO at George Weston Limited.