Canadian Market Down Firmly In Negative Territory
(RTTNews) - Canadian stocks are down firmly in negative territory a little past noon on Tuesday, weighed down by sharp losses in energy and materials sections.
The mood is a bit bearish amid concerns about economic slowdown, as well as weak crude oil prices, and reports that a group of Republican lawmakers on the party's hard right said Monday they would oppose the deal reached by Biden and McCarthy over the weekend.
The benchmark S&P/TSX Composite Index is down 172.65 points or 0.86% at 19,795.30 about a quarter past noon.
The Energy Capped Index is down 2.56%. Vermilion Energy (VET.TO) is declining more than 6% and Baytex Energy (BTE.TO) is down 5.5%, while Tamarack Valley Energy (TVE.TO), Precision Drilling Corporation (PD.TO), Cenovus Energy (CVE.TO), Paramount Resources (POU.TO) and Enerplus Corp (ERF.TO) are lower by 3 to 4%.
In the materials section, Nutrien (NTR.TO), Interfor Corp (IFP.TO), Canfor Corp (CFP.TO), West Fraser Timber (WFG.TO), Lithium Americas Corp (LAC.TO), Lundin Mining Corp (LUN.TO), Ccl Industries (CCL.B.TO) and Methanex Corp (MX.TO) are down 2 to 4.5%.
Consumer staples shares Alimentation Couche-Tard (ATD.TO), Empire Company (EMP.A.TO) and Maple Leaf Foods (MFI.TO), and consumer discretionary stocks Aritzia Inc (ATZ.TO), Canada Goose Holdings (GOOS.TO), Gildan Activewear (GIL.TO), Linamar Corp (LNR.TO) and Magna International (MG.TO) are down 1 to 2.3%.
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