Canadian Shares Languishing In Negative Territory On Grown Concerns

(RTTNews) - The Canadian market, which fell after opening slightly up Wednesday morning, continues to languish in negative territory in afternoon trades with stocks from several sectors reeling under sustained selling pressure.

Worries about slowing growth, rising interest rates and news about a surge in Covid-19 cases in China are hurting sentiment.

Energy stocks are down sharply on weak crude oil prices. Consumer discretionary, materials and consumer staples shares are the other major losers.

The benchmark S&P/TSX Composite Index, which tumbled to 18,543.92, losing nearly 300 points in the process, was down 140.20 points or 0.74% at 18,693.96 a little while ago.

The Energy Capped Index is down nearly 4%. Precision Drilling Corp (PD.TO), Crescent Point Energy (CPG.TO), Vermilion Energy (VET.TO), Canadian Natural Resources (CNQ.TO), Parex Resources (PXT.TO), Enerplus Corp (ERF.TO), MEG Energy (MEG.TO), Baytex Energy (BTE.TO), Arc Resources (ARX.TO), Whitecap Resources (WCP.TO), Imperial Oil (IMO.TO) and Tourmaline Oil Corp (TOU.TO) are down 3 to 7%.

In the materials section, Silvercrest Metals (SIL.TO), K92 Mining (KNT.TO), MAG Silver Corp (MAG.TO), Teck Resources (TECK.B.TO), Torex Gold Resources (TXG.TO), Hudbay Minerals (HBM.TO), Eldorado Gold (ELD.TO), Turquoise Hill Resources (TRQ.TO), Lithium Americas Corp (LAC.TO) and Barrick Gold Corp (ABX.TO) are down 2.5 to 6%.

Consumer discretionary stocks Magna International (MG.TO), Spin Master Corp (TOY.TO), Canada Goose Holdings (GOOS.TO), Brp Inc (DOO.TO), Aritzia Inc (ATZ.TO), Dollarama (DOL.TO) and Mty Food Group (MTY.TO) are lower by 1 to 4%.

Among consumer staples shares, Jamieson Wellness (JWEL.TO), Loblaw Co (L.TO) and Premium Brands Holdings (PBH.TO) are down 2 to 2.8%. Primo Water (PRMW.TO), Empire Company (EMP.A.TO), Weston George (WN.TO), Metro Inc (MRU.TO), The North West Company (NWC.TO) and Saputo Inc (SAP.TO) are also notably lower.

Canfor Corp (CFP.TO), West Fraser Timber (WFG.TO), Interfor Corporation (IFP.TO), Fairfax Financial Holdings (FFH.TO), Quebecor (QBR.A.TO), Altagas (ALA.TO), CGI Inc (GIB.A.TO), Ritchie Bros. Auctioneers (RBA.TO), Canadian Pacific Railway (CP.TO) and Waste Connections (WCN.TO) are gaining 1 to 6%.