TSX Ends Notably Lower For 2nd Straight Day

(RTTNews) - The Canadian market closed sharply lower on Monday as weak commodity prices and data showing another contraction in the nation's manufacturing activity hurt sentiment.

Shares from utilities, communications, materials, healthcare, energy and financials sectors were among the major losers.

The benchmark S&P/TSX Composite Index ended with a loss of 364.09 points or 1.86% at 19,177.18.

Among the sectoral indices, only the Consumer Staples Capped Index ended on the positive side, climbing by a modest 0.53%.

Data from Markit Economis showed the S&P Global Canada Manufacturing PMI fell to 47.5 in September of 2023 from 48 in the previous month, pointing to the fifth consecutive contraction in Canadian factory activity, and at the sharpest pace since the pandemic-driven crash in the second quarter of 2020.

Precision Drilling Corporation (PD.TO) ended down 7%. ATS Corporation (ATS.TO) and Cameo Corporation (CCO.TO) ended lower by 5.4% and 4.7%, respectively.

Bank of Montreal (BMO.TO), Nutrien (NTR.TO), Royal Bank of Canada (RY.TO), Kinaxis Inc (KXS.TO), WSP Global Inc (WSP.TO), Franco-Nevada Corporation (FNV.TO), TFI International (TFII.TO) and FirstService Corporation (FSV.TO) declined 1 to 2.6%.

Boralex Inc (BLX.TO), Hydro One (H.TO), TransAlta Corp (TA.TO), Emera Incorporated (EMA.TO), Altagas (ALA.TO) and Fortis Inc (FTS.TO) also declined sharply.

Laurentian Bank (LB.TO) shares declined nearly 6% after the bank said that its Chief Executive Officer, Rania Llewellyn, and Chair of the Board, Michael Mueller, have stepped down with immediate effect. The company has now appointed Eric Provost as CEO, and Michael Boychuk as Chair of the Board with immediate effect.

Consumer staples shares Alimentation Couche-Tard Inc (ATD.TO) and The North West Company (NWC.TO) and technology stocks Dye & Durham (DND.TO) and Hut 8 Mining Corp (HUT.TO) posted notable gains.