Canadian Market Down Sharply On Widespread Selling

(RTTNews) - The Canadian market is down sharply on Thursday with stocks from across several sectors sliding down south on heavy selling on concerns about the outlook for global economic growth after weak data from the U.S., Europe and China.

Energy, materials, technology, industrials and financials shares are among the major losers.

The benchmark S&P/TSX Composite Index is down 478.11 points or 2.07% at 22,632.70 with a little over an hour to go for the closing bell.

The Energy Capped Index is down 3.61%. Parex Resources (PXT.TO) is plunging 11.5%. Vermilion Energy (VET.TO) is down 7.4%. Paramount Resources (POU.TO), Veren (VRN.TO), Baytex Energy (BTE.TO), Kelto Exploration (KEL.TO) and Tamarack Valley Energy (TVE.TO) are down 4 to 5.7%.

Cenovus Energy (CVE.TO) is down nearly 6%. The company reported net earnings for $1,000 million for the quarter ended June 30, 2024, compared to $866 million in the year-ago quarter.

Canadian Natural Resources Inc. (CNQ.TO) is down 2%. The company reported adjusted net earnings of $1,892 million for the quarter ended June 30, 2023, compared to $1,256 million in the year-ago quarter.

Arc Resources (ARX.TO), Tourmaline Oil Corp (TOU.TO), Imperial Oil (IMO.TO), Suncor Energy (SU.TO), MEG Energy (MEG.TO) and Nuvista Energy (NVA.TO) are also among the major losers.

TC Energy Corp (TRP.TO) is gaining 1.7%. The company reported a net income of $1.0 billion or $0.93 per common share for the second quarter of 2024, compared to $0.3 billion or $0.24 per common share in second quarter 2023.

In the materials sector, First Majestic Silver Corp (AG.TO) is tanking 16.2%. Ssr Mining (SSRM.TO) is plunging 11.4%. Ivanhoe Mines (IVN.TO) is down 9% and First Quantum Minerals (FM.TO) is declining 7.1%. Hudbay Minerals (HBM.TO), Silvercrest Metals (SIL.TO), Capstone Mining Corp (CS.TO), Lundin Mining (LUN.TO), Methanex Corp (MX.TO), Canfor Corp (CFP.TO) and Pan American Silver Corp (PAAS.TO) are down 4 to 6%.

Kinaxis Inc (KXS.TO), down 8.5%, is the biggest loser in the technology sector. Shopify Inc (SHOP.TO), Constellation Software (CSU.TO), Sylogist (SYZ.TO), Bitfarms (BITF.TO), BlackBerry (BB.TO), Docebo Inc (DCBO.TO), Celestica Inc (CLS.TO) and Coveo Solutions (CVO.TO) are down 3.3 to 5%.

Financials stock Fairfax Financial Holdings (FFH.TO), Manulife Financial (MFC.TO), Laurentian Bank (LB.TO), goeasy (GSY.TO), Sun Life Financial (SLF.TO), Canadian Imperial Bank of Commerce (CM.TO), Bank of Montreal (BMO.TO) and Royal Bank of Canada (RY.TO) are down 1.5 to 3.2%.

Thomson Reuters Corporation (TRI.TO) reported an operating profit of $415 million for the second-quarter, compared to $825 million a year ago. The stock is down 1.7%.

BCE Inc. (BCE.TO) is up 1.3% after the company announced that it posted net earnings of $604 million in the second quarter, up 52.1% compared to its net earnings a year ago.

Gildan Activewear Ltd. (GIL.TO) reported adjusted net earnings of $124.7 million for the second quarter of this financial year, up from $112.3 million in the year-ago quarter. The stock is up 0.6%.

Colliers International Group Inc. (CIGI.TO) is gaining 2.5% after the company reported operating earnings of $114.7 million for the second quarter of the current financial year, compared to $75.3 million a year ago.

On the economic front, the S&P Global Canada Manufacturing PMI fell to 47.8 in July 2024, down from 49.3 in June, indicating the sharpest contraction in operating conditions since December and extending the current period of decline to 15 months.