TSX Ends Weak As Stocks Slide In The Final Hour

(RTTNews) - Despite spending much of the day's session in positive territory, the Canadian market ended notably lower on Wednesday, weighed down by losses in healthcare, energy and technology stocks.

The market turned weak after the Federal Reserve raised interest rate by 25 basis points and signaled another rate hike despite recent turmoil in the banking industry.

The benchmark S&P/TSX Composite Index, which climbed to 19,812.97, drifted down in the final and hour and eventually ended with a loss of 122.14 points or 0.62% at 19,532.78, the session's low.

Nuvei Corporation (NVEI.TO), Rogers Communications (RCI.A.TO), goeasy (GSY.TO), West Fraser Timber (WFG.TO), Premium Brands Holdings Corporation (PBH.TO), TFI International (TFII.TO), Colliers International (CIGI.TO) and Royal Bank of Canada (RY.TO) lost 1 to 3.5%.

Bombardier Inc (BBD.A.TO), Ritchie Bros Auctioneers (RBA.TO), Wheaton Precious Metals (WPM.TO), Agnico Eagle Mines (AEM.TO) and BRP Inc (DOO.TO) gained 1 to 3%.

Data released by Statistics Canada said new home prices in Canada fell by 0.2% from the previous month in February of 2023. On a yearly basis, new home costs rose by 1.4%, slowing from the 2.7% increase in the previous month.