TSX drops 0.65% on growth concerns


(RTTNews) – As worries about the global economic slowdown and rising inflation weighed on sentiment, the Canadian market fell on Wednesday, led by steep losses in the healthcare, communications and technology sectors. industry.

Both the World Bank and the Organization for Economic Co-operation and Development have cut global economic growth forecasts for the current year and next.

Investors were also eagerly awaiting the European Central Bank’s monetary policy announcement and US inflation data, due on Thursday and Friday, respectively.

The benchmark S&P/TSX Composite ended with a loss of 135.78 points or 0.65% at 20,792.43, about 80 points off the session low of 20,712.02.

Enghouse Systems (ENGH.TO) lost 19.8%. The company said it posted a net profit of $17.9 million in the second quarter of this year, compared to $20.7 million in the year-ago quarter.

ATCO (ACO.Y.TO), TFI International (TFII.TO), Rogers Communications (RCI.A.TO), Boyd Group Services (BYD.TO) and Cargojet (CJT.TO) lost 3-6.5% .

BRP Inc (DOO.TO), Canadian Pacific Railway (CP.TO), Premium Brands Holdings (PBH.TO) and Ritchie Bros. Auctioneers (RBA.TO) lost 2-3%.

Dollarama Inc (DOL.TO) climbed 5.3%. The company reported first quarter net income of $145.5 million, or $0.49 per diluted common share, compared to $113.6 million, or $0.37 per diluted common share, in the first quarter of the previous year.

Shopify Inc (SHOP.TO), Boralex (BLX.TO), WSP Global (WSP.TO), Suncor Energy (SU.TO) and Fairfax Financial Holdings (FFH.TO) gained 1.4-3%.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Previous Increase in cost of borrowing to influence the cost of construction, to put pressure on end users: developers
Next Does Tree House Education & Accessories (NSE:TREEHOUSE) have a healthy track record?