Canadian Market Down On Weak Data; Tech Stocks Lose Ground
(RTTNews) - The Canadian market is notably lower Monday afternoon, weighed down by losses in technology, financials and communications sectors. The mood in the market is cautious with investors awaiting earnings from major Canadian banks and some crucial economic data from the U.S. this week.
Data showing a deterioration in manufacturing activity in Canada weighed on sentiment.
Data from S&P Global showed the S&P Global Canada Manufacturing PMI fell to 48.4 in November from October's 49.6, signalling a modest deterioration and extending the sector's contraction for a tenth straight month.
The benchmark S&P/TSX Composite Index, which tumbled to 31,141.65, was down 141.94 points or 0.45% at 31,240.84 a little while ago.
The Information Technology Capped Index dropped 2.91%. Celestica, Bitforms and Shopify lost 5.9%, 5.7% and 4.8%, respectively.
Dye & Durham, BlackBerry, Sangoma Technologies, TecSys, Enghouse Systems, Constellation Software and Coveo Solutions were down 1 to 2.2%.
Communicatins stocks Cogeco Communicatins, Telus Corp., and Quebecor drifted down 2%, 1.6% and 1.4%, respectively.
In the financials sector, Sun Life Financial, Intact Financial, Bank of Montreal, Canadian Imperial Bank of Commerce and Brookfield Corporation lost 1 to 2%. Laurentian Bank, Royal Bank of Canada and Bank of Nova Scotia also showed weakness.
Bausch Health Companies soared more than 14.5%. Aecon, First Majestic Silver, Canada Goose Holdings, Teck Resources, TFI International, Endeavour Mining, Nee Gold, Ovintiv, Nutrien, Methanex, SNC Lavalin, Ero Copper and George Weston gained 2 to 5%.
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