(RTTNews) - The Canadian market ended weak on Wednesday, as data showing a bigger than expected increase in U.S. consumer price inflation increased speculation the Federal Reserve will leave interest rates on hold for a prolonged period.
Energy stocks tumbled as crude oil prices fell sharply after data showed a sharp increase in U.S. crude inventories. Consumer discretionary and real estate stocks were among the other major losers.
Materials and communications stocks moved higher, pulling out the market from lower levels.
The benchmark S&P/TSX Composite Index ended with a loss of 68.72 points or 0.27% at 25,563.11.
Computer Modellling (CMG.TO) plunged 14% following a rating downgrade. TerraVest Industries (TVK.TO) tanked more than 10% despite the company's first-quarter earnings beating analyst forecasts.
Baytex Energy (BTE.TO), Vermilion Energy (VET.TO), Aritzia Inc (ATZ.TO), Colliers International (CIGI.TO), Descartes Systems Group (DSG.TO), Nutrien (NTR.TO) and Methanex (MX.TO) were some of the prominent losers in the session.
Barrick Gold Corporation (ABX.TO) climbed 6.35%. Barrick Gold reported adjusted net earnings of US$794 million for the fourth-quarter of 2024, up from $466 million a year ago.
BlackBerry (BB.TO), Cineplex (CPG.TO), MAG Silver Corp (MAG.TO), SilverCrest Metals (SIL.TO), Pan American Silver Corp (PAAS.TO) and Toromont Industries (TIH.TO) posted strong gains.
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