Canadian Market Notably Lower; Energy Stocks Fall

(RTTNews) - The Canadian market is languishing in negative territory Tuesday afternoon, weighed down by losses in energy and consumer discretionary sectors. The mood is cautious with investors looking ahead to U.S. inflation data for clues about the Federal Reserve's interest rate moves.

Energy stocks are reeling under pressure after oil prices fell more than 4% amid concerns about the outlook for demand from China, and the U.S.

The benchmark S&P/TSX Composite Index was down 197.50 points or nearly 0.9% at 22,829.65 a little while ago.

Precision Drilling Corp (PD.TO) is down more than 6%. Methanex Corporation (MX.TO) is down 5.2%, while Canadian Natural Resources (CNQ.TO) and Suncor Energy (SU.TO) are lower by 3.9% and 3.7%, respectively.

Magna International (MG.TO), Imperial Oil (IMO.TO), Boyd Group Services (BYD.TO), goeasy (GSY.TO), Canadian National Railway (CNR.TO), Dollama Inc (DOL.TO), TFI International (TFII.TO) and Constellation Software (CSU.TO) are down 1 to 3%.

Kinross Gold Corp (K.TO) is up 4.7%. Quebecor Inc (QBR.TO) and Brookfield Renewable Corporation (BEPC.TO) are gaining 2.5% and 2.2%, respectively.

Newmont Corporation (NGT.TO), Thomson Reuters (TRI.TO) and Fairfax Financial Holdings (FFH.TO) are up with moderate gains.

Brookfield Asset Management (BAM.TO) announced today that it has agreed to invest up to US$1.1 billion in Infinium, a producer of commercially available ultra-low carbon eFuels. The stock is gaining about 0.5%.

TC Energy Corp (TRP.TO) is down 2.7%. The company said that a deal to sell a minority stake in its Canadian natural gas pipeline system to indigenous communities has been delayed due to an identified transaction structuring issue.

Centamin plc (CEE.TO) shares are soaring nearly 21%. The company reported gold production of 93,278 ounces or oz in the second quarter, and gold sales of 102,563 oz from the Sukari Gold Mine.