Canadian Market Notably Lower As Resources, Technology Stocks Drop

(RTTNews) - Canadian stocks are down in negative territory a little past noon on Tuesday, weighed down by losses in several stocks from across various sectors.

On the economic front, a report from Markit Economics said the S&P Global Canada Manufacturing PMI rose to 49.6 in July of 2023 from 48.8 in June, beating market expectations of 48.9 but marking a third consecutive month of contraction in the Canadian manufacturing sector.

The benchmark S&P/TSX Composite Index is down 143.02 points or 0.69% at 20,483.62 about half an hour past noon.

The Health Care Capped Index is down 2.3%. Bausch Health Companies (BHC.TO) is down 4% and Tilray Inc (TLRY.TO) is down by about 4.5%.

In the materials section, Silvercrest Metals (SIL.TO) is plunging 19% after two brokerages cut the price target of the stock.

Stelco Holdings (STLC.TO), Equinox Gold Corp (EQX.TO), Centerra Gold (CG.TO), Endeavour Silver Corp (EDR.TO), Iamgold (IMG.TO), Fortuna Silver Mines (FVI.TO), MAG Silver Corp (MAG.TO), Filo Mining Corp (FIL.TO), First Majestic Silver Corp (FR.TO) and Kinross Gold Corp (K.TO) are down 3 to 6%.

Energy stocks International Petroleum Corp (IPCO.TO), Precision Drilling Corp (PD.TO), Topaz Energy (TPZ.TO) and Vermilion Energy (VET.TO) are down 2.3 to 4%. Parex Resources (PXT.TO), Baytex Energy (BTE.TO), Arc Resources (ARX.TO), Suncor Energy (SU.TO) and Imperial Oil (IMO.TO) are also notably lower.

Technology stock Hut 8 Mining (HUT.TO) is down more than 5%. Coveo Solutions (CVO.TO), Enghouse Systems (ENGH.TO), Kinaxis Inc (KXS.TO) and Shopify Inc (SHOP.TO) are weak by 1 to 2.2%.

Consumer staples stocks Primo Water Corp (PRMW.TO), Loblaw (L.TO), Empire Co (EMP.A.TO) and Metro Inc (MRU.TO) are down 1 to 1.4%.

Weston George (WN.TO) is declining 1.2%. The company reported adjusted net earnings of $377 million for the second quarter, an increase of $49 million, or 14.9%, compared to adjusted net earnings in the year-ago quarter.

Among bank stocks, Canadain Imperial Bank of Commerce (CM.TO), Bank of Nova Scotia (BNS.TO), Bank of Montreal (BMO.TO) and Royal Bank of Canada (RY.TO) are down 1 to 1.6%.