TSX Recovers Well After Early Plunge, Settles Moderately Lower

(RTTNews) - The Canadian stock market, which plunged sharply in early trades Tuesday, and faltered again after a subsequent modest recovery, managed to pare most of its losses as the session progressed.

Weakness in global markets amid rising concerns about inflation rendered the mood bearish, and shares from consumer discretionary, real estate, energy and industrial sections were among the prominent losers.

The benchmark S&P/TSX Composite Index ended with a loss of 87.84 points or 0.45% at 19,274.04, well off the day's low of 19,090.28.

Consumer discretionary shares Aritzia Inc (ATZ.TO), Magna International (MG.TO) and Linamar Corp (LNR.TO) lost 4.4%, 3.6% and 3%, respectively. Gildan Activewear (GIL.TO), Martinrea International (MRE.TO) and Canada Goose Holdings (GOOS.TO) ended lower by 2 to 2.25%.

In the real estate sector, Colliers International (CIGI.TO), Altus Group (AIF.TO), Cominar R E (CUF.UN.TO), Firstservice Corp (FSV.TO) and Granite Real Estate (GRT.UN.TO) shed 2.2 to 3.2%.

Among energy stocks, Crescent Point Energy (CPG.TO), Canadian Natural Resources (CNQ.TO), Vermilion Energy (VET.TO), Suncor Energy (SU.TO) and Enerplus Corp (ERF.TO) lost 1.7 to 2.7%.

Badger Daylighting (BAD.TO), New Flyer Industries (NFI.TO), Ritchie Bros Auctioneers (RBA.TO), Westshore Terminals Investment Corp (WTE.TO) and Gfi Environmental (GFL.TO) were among the major losers in the industrial sector.

Healthcare stock Aurinia Pharmaceuticals (AUP.TO) soared 12.5%. Organigram Holdings (OGI.TO) gained about 5% and Cronos Group (CRON.TO) climbed 1.25%.

Centerra Gold (CG.TO) shares gained about 12.5% after the company reported a first-quarter profit of US$167.4 million. The company said that on adjusted basis, it earned 28 cents per share in the first quarter, compared with 16 cents in the year-ago quarter.