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Canadian Market Remains Weak Despite Paring Some Early Losses
(RTTNews) - The Canadian market is languishing in negative territory around noon on Monday after a weak start.
The mood is cautious amid concerns U.S. interest rates will remain high after data showed stronger than expected jobs growth in the U.S. in December.
Real estate, materials, healthcare and consumer discretionary shares are among the prominent losers. Shares from rest of the sectors are turning in a mixed performance.
The benchmark S&P/TSX Composite Index, which dropped to 20,550.06, losing more than 200 points in the process, is down 103.90 points or 0.5% at 20,654.44 a few minutes before noon.
First Quantum Minerals (FM.TO) is plunging nearly 8%. Teck Resources (TECK.B.TO) is declining 3%. Franco-Nevada Corporation (FNV.TO), Precision Drilling Corporation (PD.TO), Magna International (MG.TO), Onex Corporation (ONEX.TO), West Fraser Timber (WFG.TO) and Colliers International (CIGI.TO) are down 1.6 to 2.5%.
Newcrest Mining (NCM.TO) is soaring nearly 15%. Lightspeed Commerce (LSPD.TO) is gaining nearly 5%. Methanex Corp (MX.TO), Kinaxis Inc (KXS.TO), Open Text Corporation (OTEX.TO), Rogers Communications (RCI.A.TO) and Bombardier Inc (BBD.B.TO) are up 1 to 1.6%.
On the economic front, the Richard Ivey School of Business said the Ivey Purchasing Managers Index in Canada increased to 60.1 in January of 2023 from a revised 49.3 in the prior month and compared with analysts' expectations of 42.3. It was the highest reading since May 2022.
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