The Canadian market experienced further decline on Thursday, building on losses from the previous day. This was largely due to lower metal prices and uncertainty surrounding the outlook for U.S. interest rates, which contributed to a wary sentiment among investors.
The S&P/TSX Composite Index saw an intraday low of 22,134.74 but ultimately closed down by 145.97 points, or 0.65%, at 22,200.79, marking its lowest close since May 3.
There were significant declines in materials, healthcare, utilities, and consumer discretionary sectors. Stocks in real estate, communications, and industrials also saw notable drops.
Bombardier Inc. (BBD.B.TO) plummeted by 7.6%. Other significant losses were recorded by Canadian Tire Corporation (CTC.TO), Dayforce (DAY.TO), Kinaxis Inc. (KXS.TO), Linamar Corporation (LNR.TO), Molson Coors Canada (TPX.B.TO), and Magna International (MG.TO), with declines ranging from 2.5% to 4%.
Toronto-Dominion Bank (TD.TO) shares fell by 1.6%, despite reporting an adjusted net income of $3,789 million for the second quarter, compared to $3,707 million in the same quarter last year.
On the positive side, Celestica Inc. (CLS.TO) rose by 3.1%, Alimentation Couche-Tard (ATD.TO) gained 2.3%, and Jamieson Wellness (JWEL.TO), International Petroleum Corp. (IPCO.TO), and Advantage Oil & Gas (AAV.TO) also saw significant gains.
Economically, Statistics Canada reported that new home prices in Canada increased by 0.2% in April, surpassing market forecasts, which had predicted a 0.1% rise.
