Heavy Losses for TSX
Canada's main stock index fell sharply on Tuesday, led by declines in the materials sector, after hotter-than-expected inflation figures prompted investors to scale back bets for an imminent interest rate cut by the Bank of Canada.
The TSX cratered 527.62 points, or 1.7%, to conclude Tuesday trading at 29,888.82. The Canadian dollar nicked ahead eight cents to 71.37 cents U.S.
- Gold stocks were responsible for the market meltdown, with Aya Gold & Silver sinking $2.71, or 15.2%, to $15.15, and shares in Lundin Gold dropping $17.03, or 14.8%, to $98.15.
- Among materials, Endeavour Silver docked $1.70, or 13%, to $11.38, while Discovery Silver dwindled 80 cents, or 14%, to $4.90.
- In tech stocks, Bitfarms blundered 67 cents, or 9.5%, to $6.35, while Dye & Durham fell 28 cents, or 5.1%, to $5.22.
However, real estate stocks showed some gains, with Choice Properties REIT units rising 20 cents, or 1.4%, to $15.03, and Colliers International increasing $2.48, or 1.1%, to $225.61.
Author's summary: Canadian stock index falls due to inflation concerns.