Canadian Market Notably Lower, Set To End On Weak Note

(RTTNews) - The Canadian market, which slipped after edging up marginally Wednesday morning, continues to languish in negative territory around late afternoon with stocks from several sectors reeling under sustained selling pressure.

Healthcare, technology, energy and materials shares are among the major losers. Several stocks from consumer discretionary and real estate sectors are also notably lower.

The mood in the market is very cautious amid uncertainty about the near term outlook due to inflation and policy tightening by several global central banks.

The benchmark S&P/TSX Composite Index is down 155.41 points or 0.81% at 19,067.33. The index touched a low of 19,010.44.

Magnet Forensics Inc (MAGT.TO) shares are plunging more than 10%. Sierra Wireless (SW.TO) is down 7.4% and Shopify Inc (SHOP.TO) is declining 6.25%.

Lithium Americas Corp (LAC.TO) is down 6% and Labrador Iron Ore (LIF.TO) is lower by 5.5%, while Spin Master Corp (TOY.TO), Kinaxis Inc (KXS.TO), BRP Inc (DOO.TO), Cogeco Communications (CCA.TO), Tourmaline Oil Corp (TOU.TO) and Imperial Oil (IMO.TO) are down 3 to 4.5%.

Precision Drilling (PD.TO), goeasy (GSY.TO), CargoJet (CJT.TO), Canadian Tire Corporation (CTC.A.TO) and Constellation Software (CSU.TO) are among the other prominent losers.

George Weston (WN.TO), Loblaw Companies (L.TO), Waste Connections (WCN.TO), Canadian National Railway (CNR.TO), Canadian Pacific Railway (CP.TO), Metro Inc (MRU.TO), Thomson Reuters (TRI.TO), Fairfax Financial Holdings (FFH.TO) and Ritchie Bros. Auctioneers (RBA.TO) are gaining 1 to 2.5%.

Corus Entertainment Inc (CJR.B.TO) shares are plunging more than 8%. The company reported net income attributable to shareholders of $29.6 million ($0.14 per share basic) for the third quarter and $122.0 million ($0.59 per share basic) year-to-date. The company announced that its consolidated revenue increased 8% for the quarter and 6% year-to-date.

TELUS Corp.(T.TO) announced that its subsidiary has entered into a purchase agreement to acquire shares in TELUS International (Cda) Inc. As per the agreement, TELUS will buy 3 million multiple voting shares of TELUS International from Baring Private Equity Asia or BPEA. Telus Corp shares are up 0.35%, while Telus International shares are lower by about 1.4%.