Canadian Market Down In Negative Territory In Cautious Trade

(RTTNews) - The Canadian market, which opened lower, continues to languish in negative territory in late morning trades, weighed down by losses in healthcare, technology and utilities shares.

The mood is quite cautious with investors weighing the prospects of the Federal Reserve's future moves on interest rates. Worries about a surge in Covid cases in China also appear to be contributing to the cautious mood.

The benchmark S&P/TSX Composite Index is down 98.50 points or 0.49% at 20,013.01

Algonquin Power & Utilities Corp (AQN.TO) shares are plunging more than 14%. Vermilion Energy (VET.TO) is down 5%, while Hut 8 Mining (HUT.TO), Baytex Energy (BTE.TO), Aurora Cannabis (ACB.TO), Canopy Growth Corporation (WEED.TO) and Enbridge Inc (ENB.TO) are down 2 to 4%.

Tourmaline Oil Corp (TOU.TO) is gaining 3.5%. Air Canada (AC.TO) is up 3.2%.

Turquoise Hill Resources Ltd. (TRQ.TO) reported third-quarter income of $46.6 million, or $0.23 per share, compared with income of $55.7 million, or $0.28 per share in the year-ago quarter. The stock is down marginally.

K92 Mining Inc. (KNT.TO) reported a net income of US$3.1 million or $0.01 per share for the third quarter. Quarterly revenue increased by 3% to US$36.4 million compared to the third quarter of the previous year. The stock is down more than 3%.

Shawcor Limited (SCL.TO) is soaring more than 9% on turnaround results. The company reported net income of $23.01 million for the third quarter of this financial year, as against net loss of $8.3 million a year ago.

MAG Silver Corp (MAG.TO) shares are down 2%. The company reported net income of $8,227 or $0.08 per share for the three months ended September 30, 2022, as against net loss of $2,280 or $0.02 per share for the three months ended September 30, 2021.