Canadian Market Deep Down In Negative Territory; Energy, Materials Shares Fall

RTTNews | 1127 gün önce

(RTTNews) - The Canadian market is deep down in negative territory Tuesday afternoon due to heavy selling in stocks from across various sectors amid rising fears about a possible recession.

Sharply lower crude oil and gold prices are weighing on energy and materials shares. Shares from financials sectors are also down sharply.

The benchmark S&P/TSX Composite Index, which tanked to 18,520.38, is down 404.59 points or 2.13% at 18,624.27.

The Energy Capped Index is down more than 9%. Paramount Resources (POU.TO), Nuvista Energy (NVA.TO), MEG Energy Corp (MEG.TO), Precision Drilling (PD.TO), Baytex Energy (BTE.TO), Enerplus Corp (ERF.TO), Crescent Point Energy (CPG.TO) and Vermilion Energy (VET.TO) are down 11 to 14%.

Whitecap Resources (WCP.TO), Cenovus Energy (CVE.TO), Canadian Natural Resources (CNQ.TO), Arc Resources (ARX.TO) and Suncor Energy (SU.TO) are also down with big losses.

The Materials Capped Index is down 5.6%. First Quantum Minerals (FM.TO), MAG Silver Corp (MAG.TO), K92 Mining (KNT.TO), Kinross Gold (K.TO), Equinox Gold Corp (EQX.TO), Pan American Silver Corp (PAAS.TO), Eldorado Gold (ELD.TO), Hudbay Minerals (HBM.TO), B2Gold Corp (BTO.TO), Methanex (MX.TO) and Nutrien (NTR.TO) are down 6 to 10%.

In the financials section, CDN Western Bank (CWB.TO), Sun Life Financials (SLF.TO), Fairfax Financial Holdings (FFH.TO), Bank of Montreal (BMO.TO), Bank of Nova Scotia (BNS.TO), Toronto-Dominion Bank (TD.TO), Royal Bank of Canada (RY.TO) and National Bank of Canada (NA.TO) are down sharply.

With several stocks from the sector bouncing bank strongly and posting impressive gains, the Information Technology Capped Index is climbing 2.6%.

Hut 8 Mining Corp (HUT.TO) is soaring nearly 12%. Shopify Inc (SHOP.TO) is up 7.75%. Descartes Systems (DSG.TO), BlackBerry (BB.TO), Dye & Durham (DND.TO), Converge Technology Solutions (CTS.TO), Sierra Wireless (SW.TO) and Opex Text Corp (OTEX.TO) are gaining 2.5 to 4.5%. Kinaxis Inc (KXS.TO), Enghouse Systems (ENGH.TO) and Lightspeed Commerce (LSPD.TO) are also up with strong gains.

On the economic front, data from Statistics Canada showed the total value of building permits in Canada rose by 2.3% over the month to C$ 12.1 billion in May of 2022, following an upwardly revised 1% decrease in the prior month.

Swiss Market Ends Modestly Higher

The Switzerland market closed modestly higher on Tuesday after staying positive right through the day's trading session, with investors mostly reacting to the latest quarterly performance of big name companies.

RTTNews | 18 dakika önce

European Stocks Close Broadly Higher

European markets closed mostly higher on Tuesday, although gains in most of the markets were just marginal or modest, as investors stayed somewhat cautious, reacting to a mixed batch of economic data, and assessing the impact of steep U.S. tariffs on the global economy.

RTTNews | 38 dakika önce

U.S. Service Sector Growth Unexpectedly Slows In July

A report released by the Institute for Supply Management on Tuesday unexpectedly showed a modest slowdown in the pace of growth by U.S. service sector activity in the month of July. The ISM said its services PMI edged down to 50.1 in July from 50.8 in June. While a reading above 50 still indicates growth, economists had expected the index to rise to 51.5.

RTTNews | 3s 15 dakika önce

U.S. Trade Deficit Narrows To $60.2 Billion In June As Imports Plunge

The U.S. trade deficit narrowed by slightly more than anticipated in the month of June, according to a report released by the Commerce Department on Tuesday. The Commerce Department said the trade deficit shrank to $60.2 billion in June from a revised $71.7 billion in May.

RTTNews | 4s 1 dakika önce

U.S. Trade Deficit Narrows Slightly More Than Expected In June

The U.S. trade deficit narrowed by slightly more than anticipated in the month of June, according to a report released by the Commerce Department on Tuesday.

RTTNews | 5s 6 dakika önce

Eurozone Private Sector Continues To Expand

Euro area private sector remained in the expansionary territory in July but the rate of growth remained sluggish as stagnant demand pulled back production, final survey results of the purchasing managers' survey by S&P Global showed on Tuesday. The HCOB composite output index rose to 50.9 in July from 50.6 in June. The flash reading was 51.0. A score above 50.0 indicates expansion.

RTTNews | 5s 9 dakika önce

Bay Street May Open Slightly Higher

Canadian stocks may open on a positive note Tuesday morning amid expectations of a rate cut by the Federal Reserve next month. The focus will be on trade talks between Canad and Mexico.

RTTNews | 5s 20 dakika önce

FTSE 100 Advances On Upbeat Earnings

The UK market is modestly higher on Tuesday, extending gains from previous session, thanks to some upbeat corporate earnings announcements, and expectations that the Federal Reserve will cut interest rate in the near future to spur economic growth.

RTTNews | 5s 49 dakika önce

EURUSD	1.15809	GBPUSD	1.33084	AUDUSD	0.64767
USDJPY	147.59	USDCAD	1.37747	USDCHF	0.80738

Advertisement

Canadian Market Deep Down In Negative Territory; Energy, Materials Shares Fall