Canadian Market Remains Weak After Early Setback

(RTTNews) - The Canadian market, which opened notably lower Wednesday morning, continues to languish in the red in late morning trades, with stocks from across several sectors reeling under sustained selling pressure.

Energy, technology and materials shares are among the major losers. Financials shares are also mostly lower, while select stocks from communications and utilities sectors are faring reasonably well.

The benchmark S&P/TSX Composite Index, which plunged more than 200 points to 19,451.68 earlier in the session, is down 160.22 or 0.81% at 19,500.09.

The Energy Capped Index is down 2.76%. Peyto Exploration and Development Corp (PEY.TO), Nuvista Energy (NVA.TO), Baytex Energy (BTE.TO) and Vermilion Energy (VET.TO) are down 5 to 6%.

The Information Technology Capped Index is down nearly 2%. Absolute Software Corp (ABST.TO) is down 15.5%. The company reported a net loss of $9.5 million for the first quarter of this financial year, an increase of 25% compared to the year-ago quarter.

Nuvei Corp (NVEI.TO) is down more than 8%, while Converge Technology Solutions (CTS.TO), Hut 8 Mining Corp (HUT.TO), Telus International (TIXT.TO) and Shopify Inc (SHOP.TO) are down 5 to 6%.

Pan American Silver Corp (PAAS.TO), down nearly 8%, is the biggest loser in the Materials index.

Endeavour Silver Corp (EDR.TO) is down 5.5%, while Filo Mining (FIL.TO), Yamana Gold (YRI.TO), Methanex Corp (MX.TO), Ero Copper (ERO.TO), Lundin Mining (LUN.TO) and MAG Silver Corp (MAG.TO) are down 2.5 to 4%.

First Majestic Silver Corp (FR.TO) shares are down nearly 2.5%. The company reported adjusted net loss of $20.7 million in the third quarter, compared to adjusted net loss of $84.1 million in the preceding quarter.

Canopy Growth Corp. (WEED.TO) shares are up 5.4% after the company announced that its second quarter net loss attributable to Canopy Growth widened to C$221.8 million from a loss of C$11.1 million, prior year. Loss per share was C$0.47 compared to a loss of C$0.03.

CGI Inc (GIB.A.TO) reported fourth-quarter net earnings of $362.4 million, up 4.7% year-over-year. The stock is up nearly 1%.

Rogers Communications Inc. (RCI.A.TO) reported adjusted net income of $436 million for the quarter ended September 30, 2022, compared with net income of $536 million in the corresponding quarter of the previous year. Despite a drop in earnings, the stock is up nearly 2%.

Boyd Group Services Inc (BYD.TO) said its net earnings increased to $11.9 million in the third quarter, compared with $0.4 million in the same period of 2021 and net earnings per share increased to $0.55, compared with $0.02 in the same period of 2021. The stock is down marginally.