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Canadian Market Down Firmly In Negative Territory At Noon
(RTTNews) - Canadian stocks are down in negative territory around noon on Friday, due largely to profit taking after recent strong gains. Shares from energy, real estate, consumer discretionary and communications sectors are among the major losers.
The benchmark S&P/TSX Composite Index is down 146.25 points or 0.7% at 20,632.45 a little before noon.
Real estate stocks CDN Apartment (CAR.UN.TO), Interrent Real Estate (IIP.UN.TO), H&R Real Estate (HR.UN.TO), Tricon Capital (TCN.TO), Northwest Healthcare (NWH.UN.TO) and Killam Apartment (KMP.UN.TO) are down 3.7 to 5.2%.
In the energy sector, MEG Energy (MEG.TO), Advantage Oil & Gas, Headwater Exploration (HWX.TO), Canadian Natural Resources (CNQ.TO), Prairiesky Royalty (PSK.TO) and Tourmaline Oil Corp (TOU.TO) are down 2.5 to 3.4%.
Consumer discretionary stocks Dollarma Inc (DOL.TO), Pet Valu Holdings (PET.TO), Spin Master Corp (TOY.TO), Aritzia Inc (ATZ.TO), Magna International (MG.TO) and Linamar Corp (LNR.TO) are declining 1 to 2.2%.
Communications shares Cogeco Communications (CCA.TO) and Quebecor Inc (QBR.TO) are down 3% and 2.7%, respectively. BCE Inc (BCE.TO), Telus Corp (T.TO) and Rogers Communications (RCI.B.TO) are lower by 1.6 to 2%.
On the economic front, data from the Canada Mortgage and Housing Corporation showed housing starts in Canada slipped by 22% over a month earlier to 212,624 units in November, the lowest reading in six months.
Data from Statistics Canada showed wholesale sales in Canada declined 0.5% from a month earlier in October, following a revised 0.6% drop in the previous month.
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