Canadian Stocks Down Firmly In Negative Territory
(RTTNews) - The Canadian market is down sharply in negative territory a little before noon on Tuesday, as stocks from across several sectors are reeling under sustained selling pressure.
Worries about interest rates and their impact on growth continue to hurt sentiment. The International Monetary Fund's report, lowering global growth forecast for 2023 is weighing as well. The IMF has cut its global growth forecast for 2023 and expects U.S. growth this year to be just 1.6%, down 0.7 percentage point from July.
The benchmark S&P/TSX Composite Index, which plunged more than 400 points to 18,174.38 earlier this morning, is down 207.50 points or 1.12% at 18375.63 about a quarter before noon.
Healthcare, energy, technology, utilities and financials shares are down sharply. Several stocks from materials and real estate sectors are also notably lower.
Mty Food Group (MTY.TO), Canadian Imperial Bank of Commerce (CM.TO), Precision Drilling Corporation (PD.TO), Cargojet (CJT.TO), Imperial Oil (IMO.TO), goeasy (GSY.TO), Kinaxis Inc (KXS.TO) and BRP Inc (DOO.TO) are down 2.5 to 4%.
Bank of Montreal (BMO.TO), Fairfax Financial Holdings (FFH.TO, and Royal Bank of Canada (RY.TO) are also down sharply.
West Fraser Timber (WFG.TO) is rising nearly 4%. George Weston (WN.TO), TFI International (TFII.TO) and Teck Resources (TECK.A.TO) are up 3.5 to 4%. Boyd Group (BYD.TO), Alimentation Couche-Tard (ATD.TO) and North West Company (NWC.TO) are also up with strong gains.
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