TSX Retreats From Record High, Ends On Weak Note

(RTTNews) - The Canadian stock market ended notably lower on Monday, coming off record highs scaled on Friday, due to a sell-off in technology shares.

There were losses for several stocks from materials, industrial and healthcare stocks as well, as the mood remained largely cautious amid a lack of triggers and a bit of uncertainty about near term outlook for the market.

The benchmark S&P/TSX Composite Index ended down 146.90 points or 0.76% at 19,204.42, after drifting down to a low of 19,180.01.

The Capped Information Technology Index slid 2.81%. Hut 8 Mining Corp (HUT.TO) plunged nearly 10%.

Shopify Inc (SHOP.TO) ended 5.1% down, while Lightspeed Pos (LSPD.TO) and Constellation Software (CSU.TO) both closed lower by 3.6%, while Descartes Systems lost 2.1%.

Materials shares Methanex Corp (MX.TO), Nutrien (NTR.TO), First Majestic Silver Corp (FR.TO), Silvercrest Metals (SIL.TO), B2Gold Corp (BTO.TO) and Hudbay Minerals (HBM.TO) lost 2 to 4.2%.

In the industrial section, Ballard Power Systems (BLDP.TO) declined 5.4%, while Cargojet (CJT.TO), New Flyer Industries (NFI.TO), Air Canada (AC.TO), Gfi Environmental (GFL.TO) and Westport Fuel Systems (WPRT.TO) lost 2 to 3.3%.

Healthcare stocks Trillium Therapeutics (TRIL.TO), Aurinia Pharmaceuticals (AUP.TO) and Bausch Health Companies (BHC.TO) lost 3.2%, 3% and 2.8%, respectively.

Consumer staples shares Maple Leaf Foods (MFI.TO) and Alimentation Couche-Tard (ATD.B.TO) gained 3.1% and 1.2%, respectively.

Financial shares Sun Life Financial (SLF.TO), Laurentian Bank (LB.TO) and Manulife Financial (MFC.TO) ended with modest gains.

In economic news, data released by Canada Mortgage And Housing Corporation, housing starts in Canada surged 21.6% over a month earlier to 335,200 units in March, much higher than forecasts for a rise to 250,000 units. It was the highest reading since records became available in January of 1977.