Technology, Energy Stocks Tumble, Push TSX Down By 1.6%

(RTTNews) - The Canadian market ended sharply lower on Thursday, weighed down by sharp losses in materials, energy and technology sectors.

Rising inflation, slowing growth and tighter monetary policy rendered the mood bearish.

The benchmark S&P/TSX Composite Index ended with a loss of 347.97 points or 1.58% at 21,650.41.

The Materials Capped Index dropped 4.12%. The Energy Index shed 3.57% and Information Technology Index drifted down 3.04%. The Healthcare, Consumer Staples and Real Estate indexes dropped 1 to 1.14%.

Lithium Americas Corp (LAC.TO) plunged 12.4%. Sprott Inc (SII.TO) tumbled 11.8% and Cameco Corporation (CCO.TO) tumbled nearly 10%.

Shopify Inc (SHOP.TO), Maxar Technologies (MAXR.TO) and Teck Resources (TECK.B.TO) lost 7.2 to 8.2%.

Nuvei Corporation (NVEI.TO), Boyd Group Services (BYD.TO), Agnico Eagle Mines (AEM.TO), Nutrien (NTR.TO), Kinaxis Inc (KXS.TO) and Precision Drilling Corporation (PD.TO) shed 3 to 5%.

Franco-Nevada Corporation (FNV.TO) and Constellation Software (CSU.TO) also declined sharply.

Mullen Group (MTL.TO) shares rallied 5.2%. The company reported adjusted first-quarter net income of $19.5 million, compared with adjusted net income of $11.8 million in the year-ago quarter.

Air Canada (AC.TO) climbed 2.75%, CGI Inc (GIB.A.TO) gained 1.7% and TC Energy Corporation (TRP.TO) advanced 1.25%.

Metro Inc. (MRU.TO) reported adjusted net earnings of $198.1 million for the second-quarter, up 5.3% from a year ago. Adjusted net earnings increased 5.1% to $204 .7 million in the second quarter of this fiscal. The stock ended lower by about 2.6%.