TSX Extends Losses To 4th Straight Session

(RTTNews) - The Canadian stock market ended notably lower on Thursday, after staying in negative territory right through the session, as weak commodity prices and worries about global growth outlook rendered the mood bearish.

The Federal Reserve's comments that ruled out any rate cut in the near term weighed as well on sentiment and prompted investors to exit counters.

The benchmark S&P/TSX Composite Index ended down 91.87 points, or 0.56%, at 16,410.88, slightly off the day's low of 16,402.16.

Energy stocks tumbled on weak crude oil prices. The Capped Energy Index shed 2.62%.

Canadian Natural Resources (CNQ.TO), Suncor Energy (SU.TO), Encana Corporation (ECA.TO), Cenovus Energy (CVE.TO), Vermilion Energy (VET.TO), PrairieSky Royalty (PSK.TO) and Parex Resources (PXT.TO) lost 2.5 to 4.2%.

Crescent Point Energy (CPG.TO), Baytex Energy (BTE.TO) and Whitecap Resources (WCP.TO) also declined sharply.

The Capped Materials Index lost 1.27%. Nutrien (NTR.TO), Teck Resources (TECK.B.TO), Agnico Eagle Mines (AEM.TO), Wheaton Precious Metals (WPM.TO), First Quantum Minerals (FM.TO) and Kirkland Lake Gold (KL.TO) lost 1 to 2.5%, while Methanex Corporation (MX.TO) plunged 4.8%.

The Capped Healthcare Index declined 1.89%. Canopy Growth Corporation (WEED.TO) lost 4.3%, Aurora Cannabis (ACB.TO) ended 2.4% down, Cronos Group (CRON.TO) shed 1.8%, Aphria Inc. (APHA.TO) closed 3.5% down, Hexo Corp. (HEXO.TO) ended 4.6% down and Green Organic Dutchman Holdings (TGOD.TO) tumbled 5.4%.

CannTrust Holdings plunged more than 12.5% after the company announced the pricing of its previously-announced underwritten public offering of 36,363,636 common shares at a price to the public of US$5.50 per share.

Bombardier Inc. (BBD.B.TO) ended 5.1% down. The company continues to project revenues in a range of about $17.0 billion for fiscal 2019, about $1.0 billion lower than originally anticipated and representing about 10% organic growth over 2018, excluding currency effects and divestitures.

Bombardier expects full year consolidated adjusted EBITDA in a range of $1.50 billion to $1.65 billion, implying growth of almost 20% year over year, and consolidated adjusted EBIT in the range of $1.0 billion to $1.15 billion.

U.S. stocks ended lower despite moving off the day's lows. Disappointment with remarks by Federal Reserve Chairman Jerome Powell suggesting the central bank is not likely to cut interest rates in the near futures rendered the mood weak.

Traders also moved out of risky assets such as stocks ahead of the Labor Department's closely watched monthly jobs report on Friday.

The Dow ended down 0.5%, while the Nasdaq and the S&P 500 both closed lower by about 0.2%.

European stocks ended mostly lower with disappointing eurozone economic data and the U.S. Federal Reserve's comments that ruled out any interest rate cuts in the foreseeable future triggering a sell-off in the markets.

Asian stocks ended mixed on Thursday as comments from Federal Reserve Chairman Jerome Powell cooled investor expectations for an interest rate cut and investors watched ongoing negotiations between the U.S. and China. Markets in Japan and mainland China were closed for holidays.