Canadian Market Down In Negative Territory; Technology Shares Lose Ground
(RTTNews) - The Canadian market is down in negative territory a few minutes before noon on Wednesday with losses in technology and materials sectors offsetting gains in energy sector.
The mood is a bit cautious with investors awaiting the release of the minutes of the Federal Reserve's latest monetary policy meeting, due later in the day.
The benchmark S&P/TSX Composite Index, which dropped to 21,118.09, is down 64.13 points or 0.3% at 21,153.40 a few minutes before noon.
The Energy Capped Index is up 2.5%. Advantage Oil & Gas (AAV.TO), Peyto Exploration and Development Corp (PEY.TO), Tourmaline Oil Corp (TOU.TO), Nuvista Energy (NVA.TO), Arc Resources (ARX.TO), Birchcliff Energy (BIR.TO), Paramount Resources (POU.TO), Baytex Energy (BTE.TO), Whitecap Resources (WCP.TO) and Imperial Oil (IMO.TO) are down 3 to 6%.
Technology stocks Hut 8 Corp (HUT.TO), Computer Modelling Group (CMG.TO), Kinaxis Inc (KXS.TO), Open Text Corp (OTEX.TO), Shopify Inc (SHOP.TO) and Enghouse Systems (ENGH.TO) are down 3 to 5%.
Among materials shares, Wheaton Precious Metals (WPM.TO) is plunging nearly 9%. Ssr Mining (SSRM.TO) is down 3.2%, while Kinross Gold Corp (K.TO), Osisko Mining (OSK.TO), Torex Gold Resources (TXG.TO) and Ivanhoe Mines (IVN.TO) are down 2 to 3.5%.
Methanex Corp (MX.TO) and First Quantum Minerals (FM.TO) are up 3.6% and 3.5%, respectively. Lithium Americas Argentina Corp (LAAC.TO), Ero Copper (ERO.TO), Novagold Resources (NG.TO) and Interfor Corp (IFP.TO) are gaining 2 to 2.2%.
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