Canadian Market Down Firmly In Negative Territory
(RTTNews) - Despite regaining a good portion of the ground it lost in early trades, the Canadian market remains firmly down in negative territory around mid-afternoon on Monday and looks headed for a weak close as stocks from the materials space continue to reel under severe selling pressure.
Elevated oil prices have rekindled concerns about inflation and further monetary tightening by central banks.
Oil prices climbed higher after U.S. President Donald Trump rejected Iran's latest proposal to reopen the Strait of Hormuz and signaled possible new military strikes after midterm elections.
Iran's Foreign Minister Abbas Araghchi expressed hopes for a diplomatic solution, but warned the country is prepared for war with the United States to resume.
The benchmark S&P/TSX Composite Index, which tumbled to 25,341.68 in early trades, was down 281.52 points or nearly 0.8% at 35,519.37 a little while ago.
Consumer discretionary, energy, utilities and healthcare stocks are finding good support.
Aris Mining Corporation is down 8.2%. Abrasilver Resource Corp., Aya Gold & Silver, Americas Gold & Silver Corporation, Lundin Gold, K92 Mining, Torex Gold Resources, Agnico Eagle Mines, Equinox Gold Corp., Eldorado Gold, Wheaton Precious Metals and Ssr Mining are down 4%-7%.
BlackBerry is gaining 8.25%. Gildan Activewear has moved up 5.7%, while TransAlta, Transcontinental, Interfor, Canfor, Cronos Group, Western Forest Products, Bausch Health Companies, Canadian Tire Corporation, Methanex, Parex Resources, Canada Goose Holdings, CCL Industries and Enerflex are also up with strong gains.
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