Shop Stock: Losses In Energy, Materials Shares Weighing Down Canadian Market
(RTTNews) – The Canadian stock market, which faltered after a flat start Monday morning, continues to languish in negative territory in early afternoon trades, weighed down by losses in energy, materials and technology sections.
Healthcare and consumer discretionary stocks are also mostly weak, while consumer staples shares are faring well. Industrial and financial shares are turning in a mixed performance.
The benchmark S&P/TSX Composite Index, which declined to 18,613.94, was down 71.71 points or 0.38% at 18,680.87 nearly an hour past noon.
In the energy section, Enerplus Corp (ERF.TO), MEG Energy (MEG.TO), Cenovus Energy (CVE.TO), Vermilion Energy (VET.TO) and Crescent Point Energy (CPG.TO) are down 2.1 to 3%. Arc Resources (ARX.TO), Whitecap Resources (WCP.TO) and Tourmaline Oil Corp (TOU.TO) are also notably lower.
Among the major losers in the materials section, Silvercrest Metals (SIL.TO), Pan American Silver Corp (PAAS.TO), MAG Silver Corp (MAG.TO), New Gold (NGD.TO), Silvercorp Metals (SVM.TO), Ssr Mining (SSRM.TO), Eldorado Gold (ELD.TO), Yamana Gold (YRI.TO), B2Gold Corp (BTO.TO) and Iamgold (IMG.TO) are down 2.3 to 4%.
In the technology space, BlackBerry (BB.TO), Lightspeed Pos (LSPD.TO), Sierra Wireless (SW.TO) and Absolute Software (ABST.TO) are down 2.7 to 4%. Enghouse Systems (ENGH.TO), Shopify Inc. (SHOP.TO), Evertz Technologies (ET.TO) and Constellation Software (CSU.TO) are also notably lower.
Trillium Therapeutics (TRIL.TO), down 1.85% and Canopy Growth Corp (WEED.TO), Bausch Health Companies (BHC.TO) and Aurinia Pharmaceuticals (AUP.TO), down 1 to 1.2%, are the notable losers in the healthcare index.
Consumer staples stock Alimentation Couche-Tard (ATD.B.TO) is rising 3.4%. Empire Co. (EMP.TO) shares are gaining about 1.7%.
Intact Financial Corp. (IFC.TO), which together with Tryg A/S agreed to buy International P&C Insurer RSA Insurance Group plc for a total consideration of about 7.2 billion pounds, said Monday that it will issue C$250 million principal amount of 4.125% fixed-to-fixed rate subordinated notes, series 1, due 31 March 2081. Intact Financial Corp. shares are currently up 2.8%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.