TSX Snaps Five-day Winning Streak; Technology Stocks Decline Sharply
2024-07-11
2648
(fxcue news) - The Canadian market ended on a negative note on Wednesday, coming off record highs and snapping a five-session winning streak, as technology stocks tumbled following a sell-off in U.S. semiconductor stocks amid prospects of tighter trade curps on Chinese companies.
The benchmark S&P/TSX Composite Index, which fell to 22,808.17 in the session, ended with a loss of 144.22 points or 0.63% at 22,851.17.
The Information Technology Capped Index dropped 2.94%. Celestica Inc (CLS.TO) plunged more than 10%. Shopify Inc (SHOP.TO) ended down nearly 7%, and Converge Technology (CTS.TO) settled 6.28% down. Coveo Solutions (CVO.TO), Docebo Inc (DCBO.TO), Tecsys Inc (TCS.TO), Lightspeed Commerce (LSPD.TO) and BlackBerry (BB.TO) also declined sharply.
In the materials sector, Equinox Gold Corp (EQX.TO) and Aya Gold & Silver (AYA.TO) ended down 5.9% and 5.6%, respectively. First Majestic Silver Corp (AG.TO), New Gold (NGD.TO), Ero Copper (ERO.TO), Silvercrest Metals (SIL.TO) and Seabridge Gold (SEA.TO) were among the other major losers in the sector.
Cameco Corporation (CCO.TO), ATS Corporation (ATS.TO), TFI International (TFII.TO), Cargojet (CJT.TO) and goeasy (GSY.TO) were some of the prominent losers from other sectors.
Cogeco Communications (CCA.TO) soared 10%. Interfor Corporation (IFP.TO) rallied 6.1%. West Fraser Timber (WFG.TO), Parkland Corporation (PKI.TO), Nutrien (NTR.TO), CCL Industries (CCL.A.TO), Winpak (WPK.TO) and Royal Bank of Canada (RY.TO) posted strong gains.
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