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Canadian Market Down In Negative Territory; Energy Stocks Drifting Lower
(RTTNews) - After a weak start and a subsequent recovery that resulted in a brief stay in positive territory, the Canadian market faltered Thursday morning, and is languishing in the red a little past noon.
Energy, materials and utilities shares are notably lower. Stocks from consumer staples section are also exhibiting weakness. Healthcare stocks are faring well, while stocks from the rest of the sectors are turning in a mixed performance.
The benchmark S&P/TSX Composite Index is down 143.44 points or 0.73% at 19,582.70 a few minutes past noon. The index touched a high of 19,785.14, recovering from an early setback, but retreated soon on selling pressure.
On the economic front, data from Statistics Canada showed car registrations in Canada decreased to 135,177 Units in July from 153,361 Units in June of 2022. It is the lowest reading in five months.
Empire Company (EMP.A) shares are down 5.6%. The company reported first-quarter net earnings of $187.5 million, or $0.71 per share, compared to $188.5 million, or $0.70 per share in the year-ago quarter.
Atco (ACO.Y.TO) is declining 5.2%. Agnio Eagle Mines (AEM.TO) is drifting down 4.7%. Franco-Nevada Corporation (FNV.TO), Canadian Natural Resources (CNQ.TO), Precision Drilling (PD.TO), Imperial Oil (IMO.TO), West Fraser Timber (WFG.TO) and Nutrien (NTR.TO) are down 1 to 4%.
AutoCanada (ACQ.TO), Rogers Communications (RCI.A.TO), Stantec (STN.TO) and Cargojet (CJT.TO) are up with strong gains.
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