Materials, Energy Stocks Dragging Down Canadian Market

(RTTNews) - Canadian stocks are down firmly in negative territory Thursday afternoon, weighed down by sharp losses in materials, energy and healthcare sectors.

Worries about economic slowdown and weak commodity prices are weighing on the market.

The benchmark S&P/TSX Composite Index, which dropped to 20,328.36, is down 108.27 or 0.52% at 20,391.04.

The Materials Capped Index is down 3%. Torex Gold Resources (TXG.TO) is plunging nearly 16%. Capstone Mining Corp (CS.TO) is down 9%, while Oceanagold (OGC.TO), First Quantum Minerals (FM.TO), Wesdome Gold Mines (WDO.TO), Hudbay Minerals (HBM.TO), Lundin Gold (LUG.TO) and Centerra Gold (CG.TO) are down 6 to 8%.

MAG Silver Corp (MAG.TO), Equinox Gold Corp (EQX.TO), Lundin Mining Corp (LUN.TO), Ero Copper (ERO.TO) and Ivanhoe Mines (IVN.TO) are down 5 to 6%.

In the energy sector, Parex Resources (PXT.TO), Athabasca Oil Corp (ATH.TO) and Peyto Exploration (PEY.TO) are down 6 to 7%. Birchcliff Energy (BIR.TO), Pason Systems (PSI.TO) and Vermilion Energy (VET.TO) are also down sharply.

Among the stocks in the Healthcare Index, Canopy Growth Corp (WEED.TO) is plunging more than 11% and Tilray (TLRY.TO) is down 9.5%.

Algonquin Power & Utilities Corp (AQN.TO) shares are down 2.5% after the company reported adjusted net earnings of $119.9 million in the first quarter of 2023, down 15% from a year ago.

Quebecor Inc (QBR.A.TO) is gaining 3% after reporting adjusted EBITDA of $442.8 million for the first qurter of 2023, up $0.7 million (0.2%) compared with the same period in 2022.

Maple Leaf Foods Inc (MFI.TO) is soaring more than 10%. The company reported net loss of $57.7 million for the quarter ended March 2023, as against net income of $13.7 million in the year-ago quarter.

Amynta Group, Brit Ltd., a subsidiary of Fairfax Financial Holdings Limited (FFH.TO), and Fairfax have announced the successful completion of the previously announced acquisition of Ambridge Group from Brit for a purchase price of $400 million. Fairfax Financial Holdings is up by about 0.3%.