TSX Ends Weak Again On Growth Worries

(RTTNews) - The Canadian market ended on a weak note on Tuesday, extending losses for a fourth straight session, amid uncertainty about economic growth due to continued surge in coronavirus cases of the Delta variant.

Weak economic data from Canada and the U.S., geopolitical tensions following the collapse of the Afghanistan government, and weak commodity prices also weighed on the market.

The benchmark S&P/TSX Composite Index ended down by 119.83 points or 0.59% at 20,363.59, after plunging to a low of 20,273.69.

Consumer discretionary, materials and energy stocks drifted lower. Financial shares also lost ground, while a few stocks from consumer staples, telecom and utilities sectors moved higher.

Consumer discretinory stocks Brp Inc (DOO.TO) and Magna International (MG.TO) lost 3.8% and 2.8%, respectively. Gildan Activewear (GIL.TO), Canada Goose Holdings (GOOS.TO) and Linamar Corp (LNR.TO) declined 2.2 to 2.5%.

Among energy stocks, Vermilion Energy (VET.TO) ended lower by 5.3%, Tourmaline Oil Corp (TOU.TO) and Crescent Point Energy (CPG.TO) both ended down by about 2.2%, while Suncor Energy (SU.TO) and Imperial Oil (IMO.TO) both lost 1.4%.

In the materials section, Lithium Americas Corp (LAC.TO) plunged more than 9%. Hudbay Minerals (HBM.TO), MAG Silver Corp (MAG.TO), First Majestic Silver Corp (FR.TO), Turquoise Hill Resources (TRQ.TO) and Teck Resources (TECK.B.TO) lost 3 to 4.8%.

Data released by Canada Mortgage and Housing Corporation showed housing starts in Canada declined 3.2% over a month earlier to 272,176 units in July. It was slightly lower than what the market had expected, and the lowest reading since last December.