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Canadian Stocks Extending Losses As Bond Yields Rise To 16-year High
(RTTNews) - It's turning out to be another weak outing for stocks on Bay Street, with investors pressing sales at several counters across the board on Tuesday, as U.S. Treasury yields rise to 16-year high amid worries about interest rates.
Real estate, technology, financials and healthcare stocks are among the major losers. Several stocks from consumer discretionary, materials and energy sectors are also notably lower.
The benchmark S&P/TSX Composite Index, which dropped to 18,945.79, losing more than 210 points in the process, is down 152.61 points or 0.8% at 19,024.57 a few minutes past noon.
Technology stocks Shopify Inc (SHOP.TO), Celestica Inc (CLS.TO), Lightspeed Commerce (LSPD.TO), Tecsys Inc (TCS.TO), Open Text Corp (OTEX.TO), Kinaxis Inc (KXS.TO), Docebo Inc (DCBO.TO), Enghouse Systems (ENGH.TO) and Descartes Systems (DSG.TO) are down 2 to 4%.
In the financials section, Bank of Nova Scotia (BNS.TO), Royal Bank of Canada (RY.TO), Sun Life Financial (SLF.TO), Canadian Imperial Bank of Commerce (CM.TO), Laurentian Bank (LB.TO) and CDN Western Bank (CWB.TO) are declining 1.7 to 2.5%.
Among other prominent losers, Atco Ltd (ACO.Y.TO) is down nearly 7%. Teck Resources (TECK.A.TO) is down 3.5%. Nutrien (NTR.TO), Goeasy (GSY.TO) and West Fraser Timber (WFG.TO) are down 2 to 3%.
Park Lawn Corporation (PLC.TO) is gaining about 4.2%. Boralex (BLX.TO) and Sprott Inc (SII.TO) are up 2.2% and 1.7%, respectively. Agnico Eagle Mines (AEM.TO), Bombardier Inc (BBD.B.TO), Rogers Communications (RCI.B.TO) and Canadian Pacific Kansas City (CP.TO) are gaining 1 to 1.5%.
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