Canadian Market Down Firmly In Negative Territory
(RTTNews) - The Canadian market is languishing in negative territory around noon on Thursday even as energy stocks are outperforming the market and turning in a fine performance.
Worries about economic slowdown, high inflation and fading hopes about the Fed lightening its policy stance appear to be weighing on the market.
Investors look ahead to the crucial U.S. jobs data for the month of September. The data, due on Friday, is expected to provide clues about the likely policy move by the Fed.
The benchmark S&P/TSX Composite Index is down 228.48 points or 1.19% at 19,006.61 a few minutes past noon.
Shares from utilities, healthcare, financials and real estate sectors are down sharply. Stocks from industrials and communications sections are also notably lower.
The Energy Capped Index is up nearly 1.75%. Athabasca Oil Corp (ATH.TO), Headwater Exploration (HWX.TO), Cenovus Energy (CVE.TO), MEG Energy (MEG.TO), Baytex Energy (BTE.TO), Vermilion Energy (VET.TO), Enerplus Corp (ERF.TO), Paramount Resources (POU.TO) and Crescent Point Energy (CPG.TO) are up 2 to 4.5%.
Suncor Energy (SU.TO) is gaining about 2.5%. The company announced Thursday that it has reached an agreement to sell its wind and solar assets to Canadian Utilities Limited, an ATCO company, for C$730 million.
Waste Connections (WCN.TO), Atco (ACY.TO), West Fraser Timber (WFG.TO), Toronto-Dominion Bank (TD.TO), CCL Industries (CCL.B.TO), TC Energy (TRP.TO), Cogeco Communications (CCA.TO), goeasy (GSY.TO), Bank of Montreal (BMO.TO) and Royal Bank of Canada (RY.TO) are down 1.7 to 6%.
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