Canadian Market Slips As Middle East Tensions Weigh
(RTTNews) - The Canadian market remains firmly down in negative territory Monday afternoon, weighed down by losses in consumer staples, consumer discretionary, materials and industrials sectors. Energy stocks are up, rising on firm oil prices.
Worries about tensions in the Middle East and concerns about inflation render the mood weak.
Iran's navy has reportedly said that it has prevented US ships entering the Strait of Hormuz, after Trump said the US military would help guide stranded vessels today.
Meanwhile, US has denied Iranian state media claims that a US vessel was hit by missiles from Iran, adding, C"No U.S. Navy ships have been struck."
West Texas Intermediate Crude oil futures are up $2.10 or 2.07% at $104.04 a barrel.
The benchmark S&P/TSX Composite Index was down 221.70 points or 0.65% at 33,669.48 a little while ago.
TFI International, Aritzia, Interfor, Gildan Activewear, Ballard Power Systems, Canadian Pacific Railway, BRP, Magna International, Element Financial, West Fraser Timber, Tilray, Lundin Mining, First Quantum Minerals and Hudbay Minerals lost 2.5%-4.5%.
BlackBerry climbed 5.8% and Aecon moved up 5.3%. Enerflex, Lightspeed Commerce, Gran Tierra Energy, Advantage Oil & Gas, Choice Properties, Kelt Exploration, Badger Infrastructure, Ovintiv and Cenovus Energy gained 2%-3.1%.
Constellation Software, Torex Gold Resources, SNC Lavalin, Vermilion Energy, Birchcliff Energy, Real Matters, Enghouse Systems and Spin Master Corporation also posted strong gains.
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