(RTTNews) - The Canadian market ended notably lower on Monday, weighed down by concerns about more aggressive policy moves by the Fed after data showed an unexpected acceleration in U.S. services sector activity in the month of November.
Already, recent strong U.S. jobs data had triggered speculation the central bank will continue with its aggressive rate hike.
Energy, technology, materials and consumer discretionary stocks were the major losers. Several stocks from real estate, financials and industrials sectors too closed notably lower.
The benchmark S&P/TSX Composite Index ended down 243.40 points or 1.19% at 20,242.26.
Crescent Point Energy (CPG.TO), Canadian Natural Resources (CNQ.TO), Baytex Energy (BTE.TO), Cenovus Energy (CVE.TO) and MEG Energy (MEG.TO) lost 2.7 to 4% on huge volumes.
Suncor Energy (SU.TO), Barrick Gold Corporation (ABX.TO), Great-West Lifeco (GWO.TO), Bank of Nova Scotia (BNS.TO) and Toronto-Dominion Bank (TD.TO) shed 1 to 2%.
CargoJet (CJT.TO) ended more than 5% down. Kinaxis Inc (KXS.TO), Descartes Systems Group (DSG.TO), Precision Drilling Corporation (PD.TO), TFI International (TFII.TO) and FirstService Corporation (FSV.TO) shed 2.5 to 4%.
AltaGas (ALA.TO) shares climbed more than 4.5% after the company that it expects income per share of C$1.85 to C$2.05, on normalized EBITDA of C$1.5 billion to C$1.6 billion for the financial year 2023.
Ritchie Bros. Auctioneers (RBA.TO), Rogers Communications (RCI.B.TO), Restaurant Brands International (QSR.TO) and Cogeco Inc (CGO.TO) gained 1 to 2%.
In economic news, the total value of building permits in Canada decreased by 1.4% over the month to CAD 10 billion in October of 2022, following an upwardly revised 18.2% surge in the prior month.
