Canadian Market Down Firmly In Negative Territory

(RTTNews) - The Canadian market, which retreated after a positive start Monday morning, continues to languish in negative territory well past noon, with stocks from technology and energy sectors reeling under selling pressure.

Worries about new tariffs by the Trump administration, and data showing a sharp contraction in Canadian manufacturing activity in the month of February are weighig on sentiment.

The S&P Global Canada Manufacturing PMI fell to 47.8 in February of 2025 from 51.6 in the previous month, contrasting sharply with market expectations of 51.9. The result pointed to the first decline in factory activity since August of last year and the sharpest since December 2023.

On the tariff front, U.S. Commerce Secretary Howard Lutnick on Sunday said that the tariffs on Mexico and Canada will go into effect as scheduled on Tuesday, but Trump will determine their exact levels before implementation.

The benchmark S&P/TSX Composite Index was down 216.12 points or 0.85% at 25,177.23 a little while ago.

Celestica Inc is plunging 11.6%. Source Energy is plunging 8.4% and E-L-Financial Corporation is down 8%. Interfor Corporation, Vermilion Energy, Paramount Resources, MEG Energy, Precision Drilling Corporation, Cenovus Energy, Cameco Corporation and Nutren are down 5 to 7.5%.

TFI International, MDA Space, Suncor Energy, Methanex Corporation, Canadian Natural Resources, TerraVest Industries, ARC Resources, Shopify Inc., Cargojet and Bombardier Inc are down 2 to 4.7%.

Among the gainers, Stella-Jones is rising 4.5%, Chorus Aviation is up 4.3%, GFL Environmental is up 3.7%, Aya Gold & Silver is up 3.5, and Canadian Tire Corproation is rising 3.4%.

GDI Integrated, Docebo Inc., Pet Valu Holdings, Alamos Gold, Quebecor Inc., ATCO, Waste Connections, Endeavour Mining, Kinaxis, AltaGas and Sun Life Financial are up 1.2 to 3.4%.