Healthcare, Technology Stocks Dragging Down Canadian Market
(RTTNews) - The Canadian market is down in negative territory around noon on Tuesday, weighed down by losses in healthcare and technology sections.
The mood is quite cautious with investors looking ahead to the inflation data from the U.S. on Wednesday, and tracking earnings updates and news on the geopolitical front.
The benchmark S&P/TSX Composite Index is down 82.41 points or 0.42% at 19,586.76 a few minutes past noon.
The Health Care Capped Index is down more than 7%. The Information Technology Capped Index is down 3.6%. Nuvei Corp (NVEI.TO) is plunging 17.7%.
Dye & Durham (DND.TO), Lightspeed Commerce (LSPD.TO), Shopify Inc (SHOP.TO), Converge Technology Solutions (CTS.TO), Hut 8 Mining Corp (HUT.TO) and Magnet Forensics (MAGT.TO) are down 4 to 7.4%.
Cronos Group (CRON.TO), down 12.4%, is the biggest loser in the Health Care Index. The stock is down after results fell short of expectations. Cronos said it posted a net loss of $44.6 million, or $0.05 per share in the second quarter, compared to net loss of $165.59 million, or $0.48 a year ago. However, net revenue for the second quarter came in at $23.06 million, as against expectations of $28 million.
Bausch Health Companies (BHC.TO) is down 11.6%. The company reported total revenues of $1.967 billion for the second quarter of 2022, as compared to $2.1 billion in the second quarter of 2021, a decrease of $133 million, or 6%.
Hydro One (H.TO) reported net income of $255 million for the quarter ended June 30, 2022, compared with net income of $238 million in the corresponding quarter last year. The stock is gaining about 1.3%.
Canopy Growth Corp (WEED.TO), Tilray Inc (TLRY.TO) and Aurora Cannabis (ACB.TO) are down 10%, 9.1% and 7.6%, respectively.
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