TSX Snaps 6-day Winning Streak, Ends Weak On Profit Taking

(RTTNews) - After six successive days of gains, the Canadian market ended on a weak note on Wednesday, weighed down by losses in financials, technology and consumer discretionary sectors as investors chose to take some profits.

Energy stocks gained significant ground in positive territory as crude oil prices surged higher amid concerns about outlook for global supplies.

Worries about the ongoing war in Ukraine and concerns about inflation weighed on sentiment.

The benchmark S&P/TSX Composite Index ended with a loss of 142.17 points or 0.64% at 21,932.18, the day's low.

Technology stocks Tecsys Inc (TCS.TO) and Nuvei Corp (NVEI.TO) lost 6.5% and 5.75%, respectively. Converge Technology Solutions (CTS.TO), Lightspeed Commerce (LSPD.TO), Alithya Group (ALYA.TO), Shopify Inc (SHOP.TO) and Descartes Systems (DSG.TO) ended lower by 2.5 to 4%.

In the financial section, Bank of Montreal (BMO.TO), Canadian Imperial Bank of Commerce (CM.TO) and Bank of Nova Scotia (BNS.TO) ended lower by 3.7%, 3.1% and 3%, respectively. Laurentian Bank (LB.TO), National Bank of Canada (NA.TO), CDN Western Bank (CWB.TO), Toronto-Dominion Bank (TD.TO) and Royal Bank of Canada (RY.TO) declined 1.7 to 2.2%.

Among consumer discretionary shares, Brp Inc (DOO.TO) ended 3.45% down and Restaurant Brands International (QSR.TO) declined 2.8%. Linamar Corp (LNR.TO) and Gildan Activewear (GIL.TO) lost 2.4% and 2.1%, respectively.

Energy stocks Whitecap Resources (WCP.TO), Vermilion Energy (VET.TO), Imperial Oil (IMO.TO), Arc Resources (ARX.TO), Baytex Energy (BTE.TO), Enerplus Corp (ERF.TO), Advantage Oil & Gas (AAV.TO) and Canadian Natural Resources (CNQ.TO) gained 2.4 to 3.1%.

Boyd Group Services Inc (BYD.TO) shares soared 12.5% despite the company reporting a drop in earnings for the financial year 2021. The company said its adjusted net earnings decreased 32.3% to $28.0 million in financial year 2021, compared with $41.4 million in adjusted net earnings in 2020. Adjusted net earnings per share decreased 34% to $1.30, compared with $1.97 in 2020, the company said.

A report released by Statistics Canada showed manufacturing sales in Canada likely edged up by 0.9% from a month earlier in February of 2022, slowing sharply from a 4.2% rise in the prior month according to preliminary estimates.