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Canadian Market Recovery After Sharp Drop; Energy Stocks Lose Ground
(RTTNews) - The Canadian market is down in negative territory a little past noon on Wednesday, weighed down by losses in the energy sector after crude oil prices tumbled amid concerns about the outlook for demand.
Rising bond yields, lingering concerns about interest rates and global economic slowdown continue to weigh on the market.
The market slipped deeper into the red after a weak start, but regained lost ground towards noon, and is currently down just marginally from the previous close.
The benchmark S&P/TSX Composite Index, which dropped to 18,847.09, losing about 170 points, is now down just 39.30 points or 0.21% at 18,981.62.
The Energy Capped Index is down 3.7% with several stocks in the sector declining sharply, after oil prices tumbled more than 4%.
International Petroleum Corp (IPCO.TO), Baytex Energy (BTE.TO), Vermilion Energy (VET.TO), Precision Drilling Corp (PD.TO), Crescent Point Energy (CPG.TO), Suncor Energy (SU.TO), Enerplus Corp (ERF.TO), Imperial Oil (IMO.TO) ad Cenovus Energy (CVE.TO) are down 3 to 6%.
Barrick Gold Corporation (ABX.TO) is down 1.6%. The company announced that it will invest nearly $2 billion to expand its Lumwana mine in Zambia. The expansion project at Lumwana will boost annual production to an estimated 240,000 metric tons of copper, up from 50-million ton a year.
Kinaxis Inc (KXS.TO), FirstService Corp (FSV.TO), Fairfax Financial Holdings (FFH.TO), CGI Inc. (GIB.A.TO), Dollarama Inc (DOL.TO), goeasy (GSY.TO) and BRP Inc (DOO.TO) are gaining 1 to 2%.
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