Air Canada Stock – Canadian Shares Extending Losses; Energy, Healthcare Stocks Tumble
(RTTNews) – The Canadian stock market is down in negative territory in early afternoon trades on Tuesday, extending losses from previous session, due to heavy selling in healthcare, energy and industrials sectors.
Amid a lack of positive triggers, there is some uncertainty about the market’s near term trend after the historic highs it touched late last week. Rising coronavirus cases in several countries in Asia and possible lockdown measures have raised concerns about the pace of economic recovery.
The benchmark S&P/TSX Composite Index is down 182.75 points or 0,95% at 19,021.67, after sliding to a low of 18,967.09.
The Capped Healthcare Index is down nearly 4%. Organigram Holdings (OGI.TO) is plunging more than 9% and Aphria Inc (APHA.TO) is declining 7%, while Canopy Growth Corporation (WEED.TO), Aurora Cannabis (ACB.TO) and Cronos Group (CRON.TO) are down 4.7 to 5.5%. Trillium Therapeutics (TRIL.TO) and Bausch Health Companies (BHC.TO) are also down sharply.
The Capped Energy Index is down 4.1%. PrairieSky Royalty (PSK.TO), MEG Energy (MEG.TO), Cenovus Energy (CVE.TO), Whitecap Resources (WCP.TO), Vermilion Energy (VET.TO), Crescent Point Energy (CPG.TO), Arc Resources (ARX.TO) and Parex Resources (PXT.TO) are down 4 to 7%.
In the industrials section, Canadian National Railway (CNR.TO) is down 6.4%. The company is reportedly planning to make a $30-billion bid for railroad operator Kansas City Southern.
Westport Fuel Systems (WPRT.TO), Air Canada (AC.TO), Ballard Power Systems (BLDP.TO), New Flyer Industries (NFI.TO) and Exchange Income Group (EIF.TO) are down 3 to 6%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.