Canadian Stocks Slide; TSX Down Sharply

(RTTNews) - The Canadian market, which slipped deeper into the red after a weak start, continues to languish in negative territory Wednesday afternoon, as stocks from materials, financials and industrials sectors reel under severe selling pressure.

Stocks from technology and energy sectors are also mostly weak. Consumer staples and healthcare stocks are finding some support.

Elevated oil prices and bond yields have raised concerns about inflation, interest rates and global growth outlook.

The benchmark S&P/TSX Composite Index was down 529.41 points or 1.49% at 35,120.10 a few minutes ago.

Fortuna Silver Mines tumbled nearly 7%. Aeocon, Badger Infrastructure Solutions, NexGen Energy, Toromont Industries, Finning International, Eldorado Gold, Labrador Iron Ore and Northland Power are down 4%-6%.

Ballard Power Systems is down 4.4%. The announced that it has secured an order for 24 x FCrail 200 kW fuel cell modules from Siemens Mobility GmbH, the rail automation and electrification division of German engineering and technology major Siemens AG.

First Majestic Silver, Silvercorp Metals, Dundee Precious Metals, Celestica, Cameco, SSR Mining, Russel Metals, First Quantum Minerals, NovaGold Resources, AtkinsRealis, Hudbay Minerals, Barrick Gold, BlackBerry, Toronto-Dominion Bank, Enerflex, Ero Copper, Linamar Corp., and Manulife Financial are also down sharply.

Extendicare, Bausch Health Companies, Descartes Systems Group, Open Text Corporation, ATCO, Thomson Reuters, Empire Company and Cogeco Cable are up 2%-3.5%.

Intact Financial Corp. is up by about 0.7%. The company issued an update on Tuesday regarding catastrophe events in the third quarter of 2026. The company estimates total catastrophe losses for the third quarter of around C$660 million on a pre-tax basis and net of reinsurance, or C$2.76 per share after-tax.

Aurora Cannabis, Loblaw Companies, Saputo, Waste Connections, Knight Therapeutics, Telus, George Weston, CGI, Kinaxis and Metro are also up with strong gains.