Canadian Stocks Down Firmly In Negative Territory On Growth Worries
(RTTNews) - The Canadian market is down sharply in negative territory a little before noon on Thursday with stocks from several sectors reeling under sustained selling pressure.
Hawkish comments from several Fed officials, a strong dollar and higher bond yields are hurting sentiment.
The Bank of England's decision to intervene in the bond market buoyed up global stocks on Wednesday, but the buying interest has not waned, and the mood is once again weighed down by concerns about rising rates and slowing growth.
The benchmark S&P/TSX Composite Index, which dropped to 18,258.42, losing nearly 400 points in the process, is down 269.65 points or 1.45% at 18,379.27 about a quarter before noon.
Technology, healthcare and consumer discretionary stocks are down sharply. Several stocks from real estate, utilities, financials and industrials sectors are also drifting lower.
Linamar Corporation (LNR.TO) is plunging 10%. Shopify Inc (SHOP.TO) is down more than 6%, while Colliers International (CIGI.TO), Magna International (MG.TO), Precision Drilling Corporation (PD.TO), goeasy (GSY.TO), Cargojet (CJT.TO) and Kinaxis (KXS.TO) are down 3 to 5%.
Air Canada (AC.TO), Baytex Energy (BTE.TO), TC Energy Corporation (TRP.TO), Crescent Point Energy (CPG.TO), Bank of Nova Scotia (BNS.TO) and Manulife Financial Corporation (MFC.TO) are also down sharply.
Yamana Gold (YRI.TO) and Kinross Gold Corporation (K.TO) are up 3% and 2%, respectively, on strong volumes.
MAG Silver Corp (MAG.TO) is rising 4%, Magnet Forensics (MAGT.TO) is climbing 2.5% and Agnico Eagle Mines (AEM.TO) is advancing 2%.
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