Canadian Market Down More Than 0.5% On Profit Taking
(RTTNews) - After opening slightly down, the Canadian market slipped deeper into the red on Monday, weighed down by losses in healthcare, consumer staples, utilities and materials sectors.
The downside is largely due to profit taking after the market climbed to new record highs on Friday amid expectations of an interest rate cut by the Federal Reserve in September.
Investors are awaiting earnings news from Nvidia, and some crucial U.S. economic data. The Commerce Department is due to release a report on Friday that includes the Fed's preferred readings on consumer price inflation.
The benchmark S&P/TSX Composite Index was down 151.79 points or 0.54% at 28,181.34 nearly an hour past noon. The index touched a low of 28,138.70 after opening at 28,313.65, slightly down from Friday's close.
Canadian Energy Services, Bausch Health Companies, Pason Systems ,CCL Industries, Kelt Exploration, Real Matters, Methanex, Ballard Power Systems, Aritzia and Manulife Financial are down 1.7 to 3.2%.
Tilray is soaring more than 15%. Canopy Growth Corp is gaining 8.5%, while Cineplex, Novagold Resources and Aurora Cannabis are up 3 to 7%.
Linamar, Gran Tierra Energy, Organigram Holdings, NexGen Energy, Celestica, Lundin Mining, Parex Resources, Cenovus Energy and Lundin Gold are gaining 1 to 1.5%.
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