Canadian Market Down Sharply On Widespread Selling

(RTTNews) - The Canadian market is down sharply in negative territory around noon on Tuesday with stocks from across several sectors reeling under a severe bout of selling pressure.

Energy and materials stocks are down on weak commodity prices. Technology and consumer discretionary stocks are among the other major losers.

The benchmark S&P/TSX Composite Index is down 290.91 or 1.24% at 23,055.27 at noon.

The Materials Capped Index is down as much as 4.2% with several stocks in the section recording sharp losses. Capstone Mining Corp (CS.TO), Lundin Mining Corp (LUN.TO) and First Quantum Minerals (FM.TO) are plunging 10.5 to 11.2%.

Ivanhoe Mines (IVN.TO), Hudbay Minerals (HBM.TO), New Gold (NGD.TO), Aya Gold & Silver (AYA.TO), Fortuna Silver Mines (FVI.TO), Ero Copper (ERO.TO), Centerra Gold (CG.TO), Seabridge Gold (SEA.TO), Teck Resources (TECK.B.TO), MAG Silver (MAG.TO) and Silvercrest Metals (SIL.TO) are down 5 to 8%.

The Energy Capped Index is down 3.3%. International Petroleum Corp (IPCO.TO) is down 8%, Baytex Energy (BTE.TO) is lower by 6.7% and Africa Oil Corp (AOI.TO) is declining nearly 6%. Ces Energy Solutions (CEU.TO), Precision Drilling Corp (PD.TO), Veren Inc (VRN.TO), Vermilion Energy (VET.TO) and MEG Energy (MEG.TO) are down 4 to 7%.

Technology stocks Celestica Inc (CLS.TO), Bitfarms (BITF.TO), Coveo Solutions (CVO.TO), BlackBerry (BB.TO), Constellation Software (CSU.TO), Converge Technology Solutions (CTS.TO), Shopify Inc (SHOP.TO), Tecsys Inc (TCS.TO) and Enghouse Systems (ENGH.TO) are down 1.6 to 6%.

Consumer discretionary stocks Brp Inc (DOO.TO), Aritzia Inc (ATZ.TO), Mty Food Group (MTY.TO), Spin Master Corp (TOY.TO), Linamar Corp (LNR.TO), Dollarama Inc (DOL.TO) and Magna International (MG.TO) are down 1.6 to 2.7%.

Colliers International Inc (CIGI.TO) announced today that its subsidiary Colliers Engineering & Design Australia is acquiring Pritchard Francis Consulting, a privately-held Western Australia multi-discipline engineering consulting firm. The stock is down by about 1%.

On the economic front, the S&P Global Canada Manufacturing PMI rose to 49.5 in August 2024 from 47.8 in July, signaling the softest contraction in operating conditions since March and extending the decline to 16 months.