Canadian Stocks Reeling Under Selling Pressure
(RTTNews) - The Canadian market, which slipped after a positive start, continues to languish in negative territory in late afternoon trades on Friday due to heavy selling in healthcare, materials and technology stocks.
Several stocks from financials, energy and consumer discretionary sectors too are notably lower.
The benchmark S&P/TSX Composite Index, which advanced to 20,359.79 earlier in the session and dropped to a low of 19,937.30, is at 19,981.37, down 200.55 points or 0.99% from previous close.
The Health Care Capped Index is down nearly 4%. Canopy Growth Corp (WEED.TO) and Aurora Cannabis (ACB.TO) are down 6.8% and 6.4%, respectively. Bausch Health Companies (BHC.TO), Tilray Inc (TLRY.TO) and Well Health Technologies (WELL.TO) are lower by 4.9%, 4.6% and 3.4%, respectively. Cronos Group (CRON.TO) is declining 2.5%.
Materials shares Lithium Americas Corp (LAC.TO), Nutrien (NTR.TO), Centerra Gold (CG.TO),Capstone Mining Corp (CS.TO), Interfor Corp (IFP.TO), Silvercrest Metals (SIL.TO), Endeavour Silver Corp (EDR.TO) and Canfor Corp (CFP.TO) are down 3 to 5.4%.
In the technology section, Shopify Inc (SHOP.TO) is plunging more than 10%. Celestica Inc (CLS.TO) is down 5%, while Dye & Durham (DND.TO), Converge Technology Solutions (CTS.TO), Hut 8 Mining (HUT.TO) and BlackBerry (BB.TO) are down 3 to 4%.
Financials shares Fairfax Financial Holdings (FFH.TO), Laurentian Bank (LB.TO), Manulife Financial (MFC.TO), Onex Corp (ONEX.TO), Sun Life Financial (SLF.TO), Bank of Nova Scotia (BNS.TO), Toronto-Dominion Bank (TD.TO) and Canadian Imperial Bank of Commerce (CM.TO) are down 1 to 3.2%.
Parex Resources (PXT.TO), Crescent Point Energy (CPG.TO), Vermilion Energy (VET.TO), Prairiesky Royalty (PSK.TO) and Birchcliff Energy (BIR.TO) are among the major losers in the energy sector.
Consumer discretionary stocks Sleep Country Canada Holdings (ZZZ.TO), Martinrea International (MRE.TO), Canada Goose Holdings (GOOS.TO), Linamar Corp (LNR.TO) and Magna International (MG.TO) are down sharply.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.