TSX Ends Weak Again As Technology Stocks Fall Sharply

(RTTNews) - The Canadian stock market ended notably lower on Thursday, extending its slide to a second straight day, as healthcare, technology, consumer discretionary and industrial shares suffered sharp losses.

Several stocks from materials section too reeled under severe selling pressure. Energy and consumer staples shares moved up sharply and limited market's losses.

Concerns about inflation and worries over rising U.S. bond yields weighed on the market. Falling bullion prices played a role as well in pushing the market down to lower levels.

The benchmark S&P/TSX Composite Index, which plunged 370 points to 17,950.75, ended with a loss of 194.95 points or 1.06% at 18,125.72.

The Capped Healthcare Index tanked nearly 5%. Aphria Inc. (APHA.TO) slid 8.2%, Aurinia Pharmaceuticals (AUP.TO), Canopy Growth Corp (WEED.TO), Cronos Group (CRON.TO) and Aurora Cannabis (ACB.TO) lost 6 to 6.6%.

The Information Technology Index slid 3.3%. Kinaxis Inc. (KXS.TO), down 17%, was the biggest loser. The company reported a loss of $1586 million or 0.06 per share for the fourth quarter, compared to profit of $7831 million or $0.29 per share in the year-ago quarter.

Lightspeed Pos (LSPD.TO) lost more than 9%. Shopify Inc (SHOP.TO) and Photon Control (PHO.TO) declined by 5.7% and 5.2%, respectively, while Evertz Technologies (ET.TO), Docebo Inc. (DCBO.TO) and Celestica Inc (CLS.TO) lost 3.2 to 3.5%.

Consumer discretionary stocks Linamar Corp (LNR.TO), Canada Goose Holdings (GOOS.TO), Magna International (MG.TO), Aritzia Inc (ATZ.TO) and Brp Inc (DOO.TO) lost 3 to 4%.

In the industrials section, Ballard Power Systems (BLDP.TO) plunged 7.4%, New Flyer Industries (NFI.TO) lost 5.5%, Finning International (FTT.TO) declined 5.1% and Badger Daylighting (BAD.TO) ended nearly 5% down.

Among energy stocks, MEG Energy (MEG.TO) soared nearly 10%. Parex Resources (PXT.TO), Vermilion Energy (VET.TO), Cenovus Energy (CVE.TO), Enerplus Corp (ERF.TO) and Whitecap Resources (WCP.TO) gained 4 to 6%.

Crescent Point Energy (CPG.TO) shares ended stronger by about 3.5% after the company reported a sharp jump in fourth quarter net profit at $176 million, compared to its net profit of $135 million in the third quarter.

Among the stocks in the financial section, Faifrax Financial Holdings (FFH.TO) slid 2%. Sun Life Financial (SLF.TO) and Manulife Financial (MFC.TO) both shed about 1.3%. National Bank of Canada (NA.TO) gained 1.1%.

On the economic front, data released by Statistics Canada showed labour productivity in Canada fell 2% on quarter in the fourth quarter of 2020, following a revised record 10.6% plunge in the prior period.