Canadian Stocks Losing Ground, Set To End Notably Lower Again

(RTTNews) - Canadian stocks are down firmly in negative territory Wednesday afternoon due to sustained selling amid rising concerns about interest rates and economic slowdown.

Except stocks are bucking the trend thanks to higher crude oil prices. Utilities, materials, communications and industrials stocks are among the major losers.

Financials, consumer staples, healthcare and real estate stocks are also notably lower.

The benchmark S&P/TSX Composite Index is down 198.82 points or 1.02% 19,357.33.

Brookfield Renewable Partners (BEP.UN.TO), Newmont Corporation (NGT.TO), Brookfield Infrastructure (BIPC.TO), Agnico Eagle Mines (AEM.TO) and Wheaton Precious Metals (WPM.TO) are down 4 to 6%.

Canadian Imperial Bank of Commerce (CM.TO) is down 3.4%. Canadian National Railway (CNR.TO), Franco-Nevada Corporation (FNV.TO), Colliers International (CIGI.TO), FirstService Corporation (FSV.TO), Bank of Montreal (BMO.TO), Waste Connections (WCN.TO), Fairfax Financial Holdings (FFH.TO) and CGI Inc (GIB.A.TO) are lower by 1 to 2.7%.

Shopify Inc. (SHOP.TO) is down by about 0.7%. The company announced today that it is investing in wholesale platform Faire, in a global deal that would see the start-up adopt Shopify technology for its clients. Faire, which is valued at $12.59 billion, would become the recommended wholesale marketplace for Shopify merchants.

Among the gainers, Peyto Exploration & Development Corp (PEY.TO) is up 8%. Bombardier Inc (BBD.B.TO), MEG Energy Corp (MEG.TO), Celestica Inc (CLS.TO) and Imperial Oil (IMO.TO) are up 3 to 4%.

Methanex Corporation (MX.TO), Precision Drilling Corporation (PD.TO), Suncor Energy (SU.TO), Canadian Natural Resources (CNQ.TO) and Molson Coors Canada Inc (TPX.B.TO) are gaining 1 to 2.6%.