Canadian Market Down Firmly In Negative Territory

(RTTNews) - The Canadian market is down firmly in negative territory around late morning on Thursday with stocks from across several sectors falling on sustained selling pressure amid concerns about inflation and uncertainty about when central banks will start reducing interest rates.

Healthcare, energy, industrials, materials, utilities and financials stocks are among the notable losers.

The benchmark S&P/TSX Composite Index, which tumbled to 21,985.68 earlier, was down 155.61 points or 0.7% at 20,043.52 a little while ago.

Canopy Growth Corp (WEED.TO) is down 11%. Toromont Industries (TIH.TO), Methanex Corporation (MX.TO), Teck Resources (TECK.A.TO), Linamar Corporation (LNR.TO), Tourmaline Oil (TOU.TO) and Brp Inc (DOO.TO) are down 2 to 3.4%.

Richelieu Hardware (RCH.TO) is down 4% after the company reported first quarter net earnings of $15.5 million, down 31.4% from the prior year.

Precision Drilling Corporation (PD.TO), Canadian Pacific Kansas City (CP.TO), Canadian National Railway (CNR.TO) and Bank of Montreal (BMO.TO) are also notably lower.

Endeavour Mining (EDV.TO), Sprott Inc (SII.TO), Molson Coors Canada Inc (TPX.B.TO), Dollarama Inc (DOL.TO) and Descartes Systems Group (DSG.TO) are up in positive territory with impressive gains.