Canadian Market Down Firmly In Negative Territory
(RTTNews) - The Canadian market is down firmly in negative territory a little past noon on Wednesday with stocks from across several sectors declining sharply on sustained selling pressure.
Worries about growth and lingering concerns about U.S. lawmakers' ability to reach an agreement on increasing the U.S. debt ceiling weigh on sentiment.
Financials, industrials and materials shares are among the major losers. Several stocks from communications, healthcare, real estate and utilities sections are also notably lower.
The benchmark S&P/TSX Composite index, which dropped to 19,898.78, is down 190.55 points or 0.95% at 19,955.46 about a quarter past noon.
In the financials section, Bank of Montreal (BMO.TO) is down 3.7%. Manulife Financial (MFC.TO), Royal Bank of Canada (RY.TO), National Bank of Canada (NA.TO), ONEX Corp (ONEX.TO), Fairfax Financial Holdings (FFH.TO), Power Corporation of Canada (POW.TO), Toronto-Dominion Bank (TD.TO) and Sun Life Financial (SLF.TO) are down 1 to 2.2%.
Industrials shares Toromont Industries (TIH.TO), Ballard Power Systems (BLDP.TO), Richelieu Hardware (RCH.TO), Canadian Pacific Railway (CP.TO), Finning International (FTT.TO), Cargojet (CJT.TO), Bombardier Inc (BBD.B.TO), Tfi International (TFII.TO), Canadian National Railway (CNR.TO), Snc-Lavalin (SNC.TO) and Russel Metals (RUS.TO) are down 1.6 to 4%.
Among materials shares, Filo Mining Corp (FIL.TO) is plunging 8%. Ero Copper (ERO.TO) is declining nearly 7%. Fortuna Silver Mines (FVI.TO), First Quantum Minerals (FM.TO), Torex Gold Resources (TXG.TO) and Endeavour Silver Corp (EDR.TO) are lower by 3 to 4%.
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