The Canadian market, which faltered after a slightly positive start Tuesday morning, stayed weak right through the session before finally closing with a marginal loss.
Healthcare and consumer discretionary shares declined sharply. Energy stocks were also mostly weak, while telecom, information technology, materials, financial and industrials shares ended mixed.
The benchmark S&P/TSX Composite Index ended lower by 25.13 points or 0.13% at 19,188.03. well off the session’s low of 19,052.41.
The Capped Healthcare Index slid 3.75%. Bausch Health Companies (BHC.TO) plunged 10.7%. Bausch reported a first-quarter loss of US$610 million compared with a loss of US$152 million a year earlier.
Aphria Inc (APHA.TO) declined 5.6%. Aurinia Pharmaceuticals (AUP.TO) and Trillium Therapeutics (TRIL.TO) ended lower by 2.6% and 2.25%, respectively. Cronos Group (CRON.TO) gained 1.9% and Organigram Holdings (OGI.TO) gained 1.3%.
Consumer discretionary stocks Dollarama (DOL.TO), Gildan Activewear (GIL.TO), Aritzia Inc (ATZ.TO), Martinrea International (MRE.TO), Linamar Corp (LNR.TO) and Brp Inc (DOO.TO) declined 1.4 to 2.5%.
Domtar Inc. (UFS.TO) shares soared nearly 18%, hitting a two-year high in the process, after the pulp and paper producer acknowledged it’s in talks with B.C.’s Paper Excellence about a possible merger or sale of the company.
Data released by Statistics Canada a little while ago said Canada recorded a trade deficit of C$1.14 billion in March 2021, up from C$1.04 billion a month earlier.
Exports increased marginally to C$50.62 billion in March from a revised C$50.49 billion a month earlier, while imports were up at C$51.76 billion in the month, after coming in at C$49.07 billion in February.
Another data from Statistics Canada showed building permits in Canada shot up by 5.7% in March, after rising 3.1% in February.
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