By Ketki Saxena
Investing.com -- At the close in Toronto, the S&P/TSX composite Index was at 1957.30 points, down 0.46% in the day’s trading, as markets await U.S. CPI data tomorrow that could lead the Federal Reserve to further tighten its monetary policy to tackle inflation.
The commodity heavy Canadian index was also pressured by losses in crude. In a day of choppy trading, crude prices were buffeted by fresh developments in the Iran nuclear deal that could significantly ease supply concerns, a fresh blockade of Russian oil supplies in Eastern Europe, and expectations of a build in U.S. inventories, which ultimately seemed to dominate at the end of the day.
Apart from energy, the Canadian index was also pressured by Healthcare (-7.92%) and Tech (-4.08%) (the worst performing sectors on the TSX today.
Canadian Tech tracked the Nasdaq lower following Micron’s cut to fourth-quarter revenue forecast and warned of negative free cash flow that indicates headwings for the sector, with contagion further spreading to megacaps all of which closed over 1% lower.
The Canadian tech index was also weighed by Nuvei (TSX:NVEI) (-21.44%). Despite a 19% Revenue increased to $211.3 million from $178.2 million in the previous quarter, Nuvei missed estimates and tempered its forecasts due to crypto volatility, with the CEO noting the company is “Amending our outlook for the remainder of the year due to unforeseen changes in currency, volatility in digital assets and cryptocurrencies, and caution with regard to global economic conditions.” The company’s net income also decreased to $35.1 million from $38.9 million,
Healthcare meanwhile was weighed by a fairly dismal performance from Canadian companies Canadian weed company Cronos Group (TSX:CRON) Inc tumbled 13.91%as its quarterly revenue fell short of estimates and it flagged higher cost, despite narrowing expected earnings losses and seeing significant increases in revenue.
Canopy Growth (TSX:WEED) (12.31%) also weighed on healthcare, as the company continued to shed value this week after it posted a $2 billion quarterly loss on Friday, with the majority of losses stemming from a $1.7-billion goodwill writedown on its operations, non-cash charge management attributed to a decrease in the company’s stock market value in the first quarter. Losses were perhaps not mitigated by the CEO’s accompanying statement that the company was "Spending almost all of our waking hours on...stopping the cash burn in Canada."
The biggest gainers of the session on the TSX today were MEG Energy Corp (TSX:MEG), Spartan Delta Corp, and HudBay Minerals (TSX:HBM).