TSX Ends Notably Lower On Recession Fears

(RTTNews) - The Canadian market ended notably lower on Wednesday with shares from across several sectors losing ground on sustained selling pressure.

Concerns about slowing global economy and rising interest rates weighed on sentiment.

Healthcare, energy and technology stocks were among the major losers.

The benchmark S&P/TSX Composite Index ended with a loss of 222.55 points or 1.14% at 19,284.10, slightly off the day's low of 19,263.61.

Canopy Growth Corporation (WEED.TO) plunged 6.32% on huge volumes. Shopify Inc (SHOP.TO) ended 3.1% down. Cenovus Energy (CVE.TO), Canadian Natural Resources (CNQ.TO), Crescent Point Energy (CPG.TO), Power Corporation of Canada (POW.TO), Canadian Imperial Bank of Commerce (CM.TO), Ban of Nova Scotia (BNS.TO) and Manulife Financial Corporation (MFC.TO) lost 1.6 to 2.5%.

First Quantum Minerals (FM.TO) rallied nearly 3%. First Quantum Minerals said formal discussions between First Quantum, MPSA and the Government of Panamá have resumed on December 26, 2022 regarding the long-term future of the Cobre Panamá mine. The Company said it remains committed to seeking a mutually beneficial agreement as soon as possible.

Magnet Forensics (MAGT.TO), Ritchie Bros. Auctioneers (RBA.TO), Canadian Tire Corporation (CTC.TO) and West Fraser Timber (WFG.TO) gained 1.7 to 2.6%.