Canadian Market Down Sharply On Widespread Selling

RTTNews | 49 days ago

(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.

Asian Markets Trade Mostly Higher

Asian stock markets are trading mostly higher on Wednesday, following the mixed cues from Wall Street overnight, as traders react to the Biden administration's renewed efforts to secure a cease-fire in the Middle East. The recent surge by bond yields and waning optimism about the outlook for interest rates is weighing on the markets. Asian markets closed mostly lower on Tuesday.

RTTNews | 5h 13min ago

Sensex, Nifty Seen Flat To Higher At Open

Indian shares are likely to open a tad higher on Wednesday, tracking mostly positive cues from other Asian markets.

RTTNews | 6h 2min ago

Japanese Market Slightly Higher

The Japanese stock market is trading slightly higher on Wednesday, recouping some of the losses in the previous two sessions, following the mixed cues from Wall Street overnight. The Nikkei 225 is falling to stay above the 38,400 level, with traders remaining cautious ahead of the general election this weekend.

RTTNews | 6h 16min ago

Win Streak May End For Indonesia Stock Market

The Indonesia stock market has tracked higher in eight straight sessions, climbing more than 300 points or 4.1 percent along the way. The Jakarta Composite Index now rests just beneath the 7,790-point plateau and it's overdue for consolidation on Wednesday.

RTTNews | 7h 5min ago

Australian Market Modestly Higher

Australian shares are trading modestly higher on Wednesday, recouping some of the sharp losses in the previous session, with the benchmark S&P/ASX 200 staying above the 8,200 level, following the mixed cues from Wall Street overnight, with gains in mining and energy stocks amid firmer commodity prices, partially offset by weakness in technology stocks.

RTTNews | 7h 19min ago

Hang Seng Index Likely To Remain Rangebound

The Hong Kong stock market has moved higher in two of three days since the end of the four-day losing streak in which it had stumbled almost 1,100 points or 5.2 percent. The Hang Seng Index now sits just beneath the 20,500-point plateau and it's expected to remain in that neighborhood again on Wednesday.

RTTNews | 7h 20min ago

China Stock Market May Spin Its Wheels On Wednesday

The China stock market has finished higher in three straight sessions, gathering almost 120 points or 3.5 percent along the way. The Shanghai Composite now sits just above the 3,285-point plateau although the rally may stall on Wednesday.

RTTNews | 7h 35min ago

Little Movement Expected For Taiwan Stock Market

The Taiwan stock market on Wednesday ended the three-day winning streak in which it had advanced more than 530 points or 2.4 percent. The Taiwan Stock Exchange now rests just above the 23,535-point plateau and it's looking at a fairly flat lead for Wednesday's trade.

RTTNews | 8h 5min ago

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