Canadian Stocks Turn Lower After Seeing Initial Strength

(RTTNews) - After an initial move to the upside, Canadian stocks have turned lower over the course of the trading session on Tuesday.

The benchmark S&P/TSX Composite Index has pulled back into negative territory and is currently down 63.09 points or 0.4 percent at 16,563.55.

The downturn comes amid a sell-off by materials stocks, with the S&P/TSX Capped Materials Index plunging by 2.4 percent.

A notable decrease by the price of gold is weighing on the sector, as gold for December delivery is slumping $14.20 to $1,925 an ounce.

Interest rate sensitive real estate and utilities stocks have also moved to the downside, while some weakness is also visible among healthcare, telecom and consumer stocks.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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