Canadian Market Headed For Another Weak Close
(RTTNews) - The Canadian market is down firmly in negative territory Monday afternoon, with stocks from several sectors reeling under sustained selling pressure amid concerns the Federal Reserve will hold interest rates higher following a much bigger than expected addition of jobs in U.S. non-farm payroll employment in the month of December. Higher bond yields are also weighing on stocks.
Healthcare, materials, technology and utilities sectors are among the major losers. Energy stocks are also mostly down.
The benchmark S&P/TSX Composite Index was down 217.97 points or 0.88% at 24,549.76, with another hour to go for the closing bell.
Ag Growth International (AFN.TO) is down 11% after the company lowered its earnings guidance, citing softer market activity and weak order book.
Aritzia Inc (ATZ.TO) is down 5.4%. MEG Energy (MEG.TO), Onex Corporation (ONEX.TO), Bombardier Inc (BBD.B.TO), Hut 8 Corp (HUT.TO), Capital Power Corporation (CPX.TO), Celestica Inc (CLS.TO), Sprott Inc (SII.TO) and Shopify Inc (SHOP.TO) are down 3 to 5%.
ATCO Ltd. (ACO.Y.TO), Canadian Natural Resources (CNQ.TO), Agnico Eagle Mines (AEM.TO), Wheaton Precious Metals (WPM.TO), Franco-Nevada Corporation (FNV.TO), Bank of Nova Scotia (BNS.TO) and iA Financial Corporation (IAG.TO) are lower by 1 to 3%.
Barrick Gold Corporation (ABX.TO) is down 1.7%. The company today recommended that its shareholders reject an unsolicited "mini-tender" offer by TRC Capital Investment for about 0.29% of the company's common stock, saying that the offer has been made at a price below market price.
Among the gainers, Veren Inc (VLN.TO) is gaining 9%. Nutrien (NTR.TO), Parkland Corporation (PKI.TO) and Pason Systems (PSI.TO) are up 4 to 5%.
BRP Inc (DOO.TO), Boyd Group Services (BYD.TO), Canadian Tire Corporation (CTC.A.TO), Pet Valu Holdings (PET.TO), Boralex (BLX.TO), Linamar Corporation (LNR.TO) and Toromont Industries (TIH.TO) are up 1 to 2.5%.
Enerflex Ltd. (EFX.TO) is gaining 1.6%. The company said its Energy Infrastructure (EI) product line and After-Market Services are expected to contribute about 65% of the company's gross margin before depreciation and amortization. It sees contracts in EI product line to generate about $1.5 billion of revenue during their current terms. Enerflex is targeting for a capital expenditure of $110 million to $130 million in 2025.