TSX Ends Notably Lower As Growth Worries Continue To Hurt Sentiment

(RTTNews) - The Canadian market ended notably lower on Thursday, weighed down by losses in healthcare, materials, technology and financials sections.

The mood in the market was quite bearish as global stocks fell amid rising concerns about inflation, interest rate hikes and slowing growth. Investors also looked ahead to the crucial inflation data from the U.S., due on Friday.

Reports saying Shanghai and Beijing have imposed fresh Covid-related curbs just a few days after relaxing restrictions.

Investors also digested comments from the European Central Bank. The ECB confirmed that it will hike rates in July and also said another hike is very likely in September if inflation does not cool by then. The bank also lowered its growth forecast for the current year and the next.

Meanwhile, the Bank of Canada is sounding the alarm on the risk record high house prices and an increasing number of households with high mortgage debt could have on the Canadian economy.

"In Canada, elevated levels of household debt and high house prices remain two key interconnected vulnerabilities," the bank said in its annual Financial System Review.

The benchmark S&P/TSX Composite Index, which stayed in negative territory right through the day's session, ended with a loss of 228.54 points or 1.1% at 20,563.89, the day's low.

The Health Care Capped Index dropped 3.65%. Tilray Inc (TLRY.TO), Canopy Growth Corp (WEED.TO) and Bausch Health Companies (BHC.TO) lost 5.6 to 6%. Aurora Cannabis (ACB.TO), Well Health Technologies (WELL.TO) and Cronos Group (CRON.TO) ended lower by 5%, 3.5% and 3%, respectively.

Materials shares Hudbay Minerals (HBM.TO) and Capstone Mining (CS.TO) lost 6.6% and 5.6%, respectively. Lithium Americas Corp (LAC.TO), Fortuna Silver Mines (FVI.TO), First Quantum Minerals (FM.TO), Stelco Holdings (STLC.TO) and Ero Copper (ERO.TO) ended lower by 4 to 4.7%.

In the technology section, Enghouse Systems (ENGH.TO) plunged nearly 8.5%.

Hut 8 Mining Corp (HUT.TO) shed about 7%. BlackBerry (BB.TO), Lightspeed Commerce (LSPD.TO), Nuvei Corp (NVEI.TO) and Shopify Inc (SHOP.TO) drifted down 4 to 4.4%.

In the financials section, Goeasy (GSY.TO), Sprott Inc (SII.TO), CDN Western Bank (CWB.TO), Canadian Imperial Bank of Commerce (CM.TO), Toronto-Dominion Bank (TD.TO), Bank of Montreal (BMO.TO), National Bank of Canada (NA.TO) and Manulife Financial (MFC.TO) lost 1 to 4%.

Constellation Software (CSU.TO), Nutrien (NTR.TO), CargoJet (CJT.TO), Ritchie Bros. Auctioneers (RBA.TO), CCL Industries (CCL.B.TO) and Thomson Reuters (TRI.TO) were among the prominent gainers in the session.