Canadian Market Down Sharply; Materials Stocks Tumble
(RTTNews) - The Canadian market is down sharply in negative territory Thursday afternoon, hurt by losses in materials, consumer discretionary and industrials sectors.
Geopolitical tensions, and concerns about the impact of the US government shutdown render the mood bearish. Also, investors are looking ahead to the reporting season.
The benchmark S&P/TSX Composite Index was down 304.28 points or 1% at 30,197.71 a little while ago.
The Materials Capped Index is down 3.2% with several stocks in the sector reeling under pressure on weak metal prices.
Endeavour Silver Corp and Aya Gold & Silver, down 9.2% and 8.2%, respectively, are among the big losers. Wesdome Gold Mines, Iamgold Corp, B2Gold Corp, Seabridge Gold, Eldorado Gold, Equinox Gold and Sandstorm Gold are down 5 to 6%.
Consumer discretionary stocks Magna International and Aritzia are down 3% and 2.7%, respectively. Linamar Corp, Pet Valu Holdings and Gildan Activewear are lower by 1.6 to 1.9%.
Among industrials shares, Canadian Pacific Kansas City, Cae Inc., Tfi International, Cargojet, Atkinsrealis Group, Toromont Industries and Rb Global are down 1.6 to 2.4%.
Tilray Brands is soaring 20%. The company reported third-quarter revenue of $209.5 million, up 4.7% from last year, beating Wall Street's estimate of $204 million by 2.7%.
Canopy Growth Corp is surging 8%, while Aurora Cannabis, Richelieu Hardware, Organigram Holdings, Cenovus Energy, Teck Resources and Constellation Software are up 2 to 4.3%.
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