TSX Pares Early Gains, Settles On Weak Note

(RTTNews) - Despite staying in positive territory around mid afternoon, the Canadian market ended on a weak note on Tuesday, weighed down by losses in healthcare, financials and technology sectors.

Energy stocks posted strong gains thanks to higher crude oil prices. Materials shares found modest support.

Investors digested U.S. consumer price inflation data, and looked ahead to the Bank of Canada's interest rate decision, due on Wednesday.

The benchmark S&P/TSX Composite Index ended lower by 75.08 points or 0.34% at 21,715.41. The index climbed to a high of 21,948.60 around mid-morning.

Among healthcare stocks, Tilray Inc (TLRY.TO) tumbled 2.85%. Bausch Health Companies (BHC.TO), Chartwell Retirement Residences (CSH.UN.TO) and Cronos Group (CRON.TO) lost 1.4 to 1.7%.

Organigram Holdings Inc. (OGI.TO) soared 10% after reporting second quarter 2022 net revenue of $31.8 million, the highest in the history of the company, up 117% from $14.6 million in the same prior-year period and 5% from $30.4 million in Q1 Fiscal 2022.

In the financial sector, Laurentian Bank (LB.TO), Toronto-Dominion Bank (TD.TO), CDN Western Bank (CWB.TO), Bank of Nova Scotia (BNS.TO), National Bank of Canada (NA.TO) and Bank of Montreal (BMO.TO) ended lower by 1 to 2.5%.

Technology stocks Shopify Inc (SHOP.TO), Magnet Forensics (MAGT.TO) and Lightspeed Commerce (LSPD.TO) shed 4.2%, 4.1% and 3.7%, respectively. Hut 8 Mining Corp (HUT.TO), Evertz Technologies (ET.TO), Converge Technology Solutions (CTS.TO), Kinaxis Inc (KXS.TO) and Descartes Systems (DSG.TO) ended lower by 2.2 to 4.2%.

Energy stocks Whitecap Resources (WCP.TO) and Nuvista Energy (NVA.TO) gained 4.7% and 4.3%, respectively. Tamarack Valley Energy (TVE.TO), Cenovus Energy (CVE.TO), Headwater Exploration (HWX.TO) and Canadian Natural Resources (CNQ.TO) gained 3 to 5%.