(RTTNews) – The Canadian stock market ended slightly lower on Thursday, weighed down by losses in the energy and technology sectors.
The situation remains cautious amid concerns about a potential US recession later this year. Mixed earnings updates and weak economic data from the US also weighed.
The benchmark S&P/TSX Composite Index ended with a loss of 50.14 points or 0.24% at 20,630.69.
Energy stocks fell as oil prices fell sharply on concerns about the outlook for demand. West Texas Intermediate Crude oil futures for May ended up $1.87 or about 2.4% at $77.29 a barrel on expiration day, the lowest level since March 31.
Vermilion Energy (VET.TO), Baytex Energy (BTE.TO), MEG Energy (MEG.TO), Crescent Point Energy (CPG.TO), Whitecap Resources (WCP.TO), Canadian Natural Resources (CNQ.TO) and Arc Resources (ARX.TO) lost 1 to 4%.
Technology stock Hut 8 Mining Corp (HUT.TO) rose 9%. Softchoice Corp ( SFTC.TO ), Coveo Solutions ( CVO.TO ), Absolute Software Corp ( ABST.TO ), BlackBerry ( BB.TO ), Lightspeed Commerce ( LSPD.TO ) and Shopify Inc ( SHOP.TO ) lost- 2 to 5%.
Methanex Corporation (MX.TO), Linamar Corporation (LNR.TO), Cargojet (CJT.TO), goeasy (GSY.TO) and Teck Resources (TECK.B.TO) were among the other big losers.
Stantec Inc ( STN.TO ), Rogers Communications ( RCI.A.TO ), Thomson Reuters ( TRI.TO ), Restaurant Brands International ( QSR.TO ) and Cogeco Communications ( CCA.TO ) gained 1 to 2.2%.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.