Canadian Market Down Firmly In Negative Territory; Tech, Materials Stocks Decline
(RTTNews) - The Canadian market was down firmly in negative territory around mid-afternoon on Tuesday, weighed down by sharp losses in materials and technology sectors. Energy stocks are up with strong gains, riding on higher oil prices amid the ongoing conflict in the Middle East.
Investors also looked ahead to the monetary policy announcements from the Bank of Canada and the Federal Reserve, due on Wednesday.
The benchmark S&P/TSX Composite Index
The Materials Capped Index tumbled 4.2%. G Mining Ventures, Discovery Silver Corp., Seabridge Gold, Lundin Mining Corp., Lithium Americas Corp., Hudbay Minerals, Silvercorp Metals, Endeavour Silver Corp., Ssr Mining, Kinross Gold Corp., Fortuna Mining Corp., Pan American Silver Corp. and Iamgold Corp lost 5%-7%.
The Information Technology Capped Index dropped 4.6%. Celestica plunged 16% despite strong first quarter results. The stock fell as the company's executives flagged long-term pressure on gross margins due to high input costs, and spoke about component shortages, among other things, as AI demand continues to outpace supply.
Firan Technologies, Lightspeed Commerce and BlackBerry lost 2.5%-4%.
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