Canadian Market Firmly Down In Negative Territory

(RTTNews) - The Canadian market is down sharply on Thursday with stocks from several sectors reeling under sustained selling pressure due to rising concerns about escalating tensions in the Middle East and increased spending on AI Infrastructure that could significantly hurt cash flow and corporate revenue outlook.

The benchmark S&P/TSX Composite Index was down 367.13 points or 1.03% at 35,117.98 a little while ago.

Real estate, consumer discretionary and information technology stocks are among the major losers, and the respective sectoral indices are down by 2.2%-2.5%.

Financials, materials and consumer staples stocks are the other notable losers. Several stocks from healthcare and communications sectors too are down in negative territory. Energy stocks are up sharply, riding on higher oil prices.

FirstService Corporation fell 7.7%. Goeasy, WSP Global, Gildan Activewear, Skeena Resources, Shopify, Aritzia, Colliers International, Seabridge Gold and Alamos Gold lost 4%-6%.

Magna International, Lundin Gold, Kinaxis, Sprott, Linamar Corporation, Endeavour Mining, CGI Inc., Molson Coors Canada and Pan American Silver Corp. also declined sharply.

Hut 8 Corp., Gran Tierra Energy, Athabasca Oil Corporation, Cenovus Energy, Paramount Resources, Methanex Corporation and Canadian Natural Resources gained 3%-7%.

Teck Resources is up 3.5%. The company reported earnings per share of $1.93 for the second quarter of this financial year, compared to $0.38 in the year-ago quarter.

Mullen Group shares are up 4.3%. The company reported earnings per share of $0.37 in the second quarter of current financial year, compared with $0.28 a year earlier.

Waste Connections reported earnings per share of $1.50 for the second quarter of current financial year, compared with $1.29 in the year-ago quarter. The stock is up by about 0.6%.