TSX Ends Weak On Growth Worries

(RTTNews) - The Canadian market ended weak on Monday as concerns over the health of the Chinese economy weighed on commodity prices and rendered the mood a bit bearish.

Concerns that the Federal Reserve will likely hold interest rates higher for longer timed weighed as well.

The benchmark S&P/TSX Composite Index ended with a loss of 117.03 points or 0.57% at 20,290.54. The index, which opened at 20,337.74, dropped almost 100 points to 20,237.90 in the next few minutes, and regained some lost ground as the day progressed.

Investors stayed wary of making significant moves, and largely reacted to quarterly earnings updates.

Materials, communications and real estate stocks were among the major losers. Energy, technology, consumer discretionary and financials shares ended on a mixed note, while healthcare stocks drifted lower.

Stella-Jones Inc (SJ.TO) and Nutrien (NR.TO) lost 4.1% and 3.9%, respectively. Enbridge Inc. (ENB.TO), EQB Inc (EQB.TO), Constellation Software (CSU.TO), Wheaton Precious Metals (WPM.TO) and ATS Corporation (ATS.TO) lost 2 to 3%.

Cogeco Communications (CCA.TO), Agnico Eagle Mines (AEM.TO), BRP Inc (DOO.TO), Colliers International (CIGI.TO) and FirstService Corporation (FSV.TO) ended lower by 1.4 to 2%.

Premium Brands Holdings Corporation (PBH.TO) shares lost 3.1% after the company reported adjusted earnings of $56.3 million for the second quarter of this financial year, compared with $61.5 million in the corresponding quarter last year. Second-quarter revenue came in at $1,630.9 million, compared with $1,519.9 million a year ago.

Cargojet Inc (CJT.TO) gained 7.25%. The company reported second-quarter net income of $31.1 million compared to net income of $160.9 million in 2022.

Boralex Inc (BLX.TO) ended stronger by 3.8%. The company reported adjusted net earnings of $22 million, up $8 million from a year ago.

Stelco Holdings (STLC.TO) rallied nearly 10%. Docebo Inc (DCBO.TO) climbed 3.8%. Ag Growth International (AFN.TO), Kinaxis Inc (KXS.TO), Bombardier Inc (BBD.B.TO) and Shopify Inc (SHOP.TO) also posted notable gains.