(RTTNews) – The Canadian market ended noticeably lower on Wednesday after languishing in the red for most of the trading session as concerns over tighter policy and the possibility of a recession made the mood quite bearish.
Speaking at the European Central Bank forum in Sintra, Federal Reserve Chairman Jerome Powell warned of an economic slowdown following the central bank’s monetary policy tightening to control inflation .
Powell said the central bank would not allow a transition from a low inflation environment to a high inflation environment.
“We expected growth this year to moderate on a more sustainable path. Of course we are also raising interest rates and the goal is to slow growth so that supply has a chance to catch up. “Powell said. added.
The benchmark S&P/TSX Composite Index ended with a loss of 159.65 points or 0.83% at 19,063.09 after falling to an intraday low of 19,010.44.
Energy stocks fell sharply as oil prices fell after three straight days of gains. The capped energy index fell 3.68%. Crescent Point Energy (CPG.TO), Tamarack Vally Energy (TVE.TO), Baytex Energy (BTE.TO), Whitecap Resources (WCP.TO), MEG Energy (MEG.TO), Enerplus Corp (ERF.TO), Vermilion Energy (VET.TO), Cenovus Energy (CVE.TO), Arc Resources (ARX.TO) and Tourmaline Oil Corp (TOU.TO) lost 4 to 7.6%.
Among materials stocks, Capstone Mining (CS.TO) lost around 8.3%. Ero Copper (ERO.TO), Labrador Iron Ore (LIF.TO), Hudbay Minerals (HBM.TO), Lithium Americas Corp (LAC.TO), Lundin Mining (LUN.TO), Iamgold (IMG.TO), Teck Resources (TECK.B.TO) and First Quantum Minerals (FM.TO) fell 4-6%.
Technology stocks Magnet Forensics (MAGT.TO) and Sierra Wireless (SW.TO) fell 9.5% and 6.5% respectively. Shopify Inc (SHOP.TO) fell 5.5%. Tecsys Inc (TCS.TO) ended down 4.5%. BlackBerry (BB.TO), Kinaxis Inc (KXS.TO) and Docebo Inc (DCBO.TO) also fell sharply.
Aurora Cannabis (ACB.TO), down 8.8%, was the biggest loser on the healthcare index. Cronos Group (CRON.TO) ended down 5.6%. Bausch Health Companies (BHC.TO), Tilray Inc (TLRY.TO), Canopy Growth Corp (WEED.TO) and Well Health Technologies (WELL.TO) lost 3.2-4.2%.
Consumer staples stocks Weston George (WN.TO), Loblaw (L.TO), Metro Inc (MRU.TO), Premium Brands Holdings Corp (PBH.TO) and Jamieson Wellness (JWEL.TO) gained 1. 7 to 2.8%.
Among the stocks in the industrial section, Waste Connection (WCN.TO), Boyd Group Services (BYD.TO), Ritchie Bros Auctioneers (RBA.TO), Canadian National Railway (CNR.TO), Canadian Pacific Railway (CP. TO)), Bomnardier Inc (BBD.B.TO) and Thomson Reuters (TRI.TO) gained 1.3-2.7%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.