Canadian Market Down In Negative Territory As Energy, Materials Stocks Drop

(RTTNews) - The Canadian market is down in negative territory on Tuesday, weighed down by losses in energy and materials sectors due to weak crude oil and bullion prices.

The benchmark S&P/TSX Composite Index is down 74.35 points or 0.31% at 24,028.36 about half an hour past noon.

Canadian Natural Resources (CNQ.TO), Suncor Energy (SU.TO), Imperial Oil (IMO.TO), Cenovus Energy (CVE.TO), Pembina Pipeline Corporation (PPL.TO), Tourmaline Oil Corp (TOU.TO), Arc Resources (ARX.TO) and Prairiesky Royalty (PSK.TO) are down 1 to 4%.

Ivanhoe Mines (IVN.TO) is down more than 5%. Capstone Corp (CS.TO) is down nearly 5%. Lundin Mining (LUN.TO) and First Quantum Minerals (FM) are losing about 4.5% and 4.4%, respectively. Barrick Gold Corporation (ABX.TO), Wheaton Precious Metals (WPM.TO), Pan American Silver Corp (PAAS.TO), Endeavour Mining (EDV.TO) are also down sharply.

Nutrien (NTR.TO), Magna International (MG.TO), West Fraser Timber (WFG.TO) and Quebecor (QBR.TO) are among the other prominent losers.

Canadian Tire Corporation (CTC.TO) is gaining about 4.2%. Air Canada (AC.TO), Celestica Inc (CLS.TO), Colliers International Group (CIGI.TO), Gildan Activewear (GIL.TO), Descartes Systems Group (DSG.TO), TFI International (TFII.TO), GFL Environmental (GFL.TO), Rogers Communications (RCI.A.TO), Waste Connections (WCN.TO) and Thomson Reuters (TRI.TO) are gaining 1 to 3%.

Data from Statistics Canada showed that Canada's trade deficit widened to C$ 1.10 billion in August 2024 from a revised C$ 0.29 billion gap in the previous month and exceeding market expectations of a C$ 0.5 billion deficit. This was the sixth consecutive monthly shortfall and the largest since May. Exports dropped by 1% in August, while imports inched up 0.3%.

West Texas Intermediate Crude oil futures are down $3.67 or 4.76% at $73.47 a barrel. Gold futures are down $33.70 or 1.27% at $2,632.30 an ounce, while Silver futures are lower by $1.434 or 4.48% at $30.570 an ounce.