TSX Ends On Weak Note As Energy, Materials Shares Tumble

(RTTNews) - After a weak start and a subsequent modest recovery, Canadian stocks faltered Thursday morning, and then spent the rest of the day's trading session in negative territory amid concerns about rising inflation and the possible impact of tighter monetary policy on growth.

Weak crude oil and bullion prices weighed on energy and materials shares. Stocks from utilities and consumer sections too posted sharp losses.

The benchmark S&P/TSX Composite Index ended with a loss of 165.98 points or 0.84% at 19,560.16, nearly 40 points off the day's low of 19,521.29.

Crescent Point Energy (CPG.TO), Baytex Energy (BTE.TO), Canadian Natural Resources (CNQ.TO), Cenovus Energy (CVE.TO), Barrick Gold Corporation (ABX.TO), B2Gold Corp (BTO.TO) and Kinross Gold Corporation (K.TO) lost 2 to 4% on strong volumes.

Agnico Eagle Mines (AEM.TO), Imperial Oil (IMO.TO), BRP Inc (DOO.TO), West Fraser Timber (WFG.TO), Franco-Nevada Corporation (FNV.TO), Nutrien (NTR.TO) and Tourmaline Oil Corp (TOU.TO) also declined sharply.

Empire Company Ltd. (EMP.A.TO) shares ended nearly 5% down. The company reported first-quarter net earnings of $187.5 million, or $0.71 per share, compared to $188.5 million, or $0.70 per share in the year-ago quarter.

Canadian Tire Corporation (CTC.TO), AutoCanada (AC.TO), Rogers Communications Inc (RCI.A.TO), Stantec (STN.TO), First National Financial Corporation (FN.TO) and Canadian Imperial Bank of Commerce (CM.TO) gained 1 to 5%.

On the economic front, data from Statistics Canada showed car registrations in Canada decreased to 135,177 Units in July from 153,361 Units in June of 2022. It is the lowest reading in five months.