TSX Ends Sharply Lower As Stocks Lose Ground On Profit Taking

(RTTNews) - The Canadian stock market ended sharply lower on Thursday as stocks from information technology, consumer discretionary and industrial sections reeled under pressure due to profit taking.

Stocks from financial, consumer staples and materials sections were weak as well, while energy and healthcare stocks found modest support at lower levels.

Data showing a widening trade deficit and a lack of significant positive cues prompted investors to cut down positions.

The benchmark S&P/TSX Composite Index ended down 249.08 points or 1.49% at 16,448.89.

The Capped Information Technology Index slid nearly 4%. The Consumer Discretionary Index lost almost 2%, while Financial, telecom, materials, industrials and consumer staples indices drifted down 1 to 1.4%.

The market breadth was very weak, with as many as 1,317 stocks losing ground and just 417 stocks moving higher. 240 stocks ended unchanged.

First Quantum Minerals (FM.TO) tumbled more than 4.6% on strog volumes. Among the other stocks that lost ground on heavy volumes today were Crescent Point Energy (CPG.TO), Manulife Financial Corporation (MFC.TO), Telus Corp (T.TO), Whitecap Resources (WCP.TO), Toronto-Dominion Bank (TD.TO) and Bank of Nova Scotia (BNS.TO), which shed between 1 and 2.3%.

Shopify Inc. (SHOP.TO) slid more than 5%. Constellation Software (CSU.TO), BCE Inc. (BCE.TO), Fortis Inc. (FTS.TO) and Enbridge Inc. (ENB.TO) lost 1 to 2%.

Among other major losers, Lightspeed Pos (LSPD.TO) tumbled nearly 8% and Docebo Inc. (DCBO.TO) lost about 7.6%. West Fraser Timber (WFT.TO), Kinaxis Inc. (KXS.TO) and Enghouse Systems (ENGH.TO) also declined sharply.

Baytex Energy (BTE.TO) moved up nearly 5%. Cenovus Energy (CVE.TO) ended higher by about 3% and Seven Generations Energy (VII.TO) advanced 1.25%.

According to the data released by Statistics Canada, trade deficit widened to C$2.45 billion in July 2020 from a downwardly revised C$1.59 billion in June and compared with market forecasts of a C$2.5 billion shortfall.

Canadian exports increased by 11.1% to C$45.4 billion in July from C$40.9 billion a month earlier, while imports increased by 12.7% to C$47.9 billion in July from C$42.5 billion in June.