TSX Firmly Down Despite Coming Off Day's Low

(RTTNews) - The Canadian market is firmly down in negative territory Wednesday afternoon with the mood remaining bearish amid fears of rate hikes and economic slowdown due to escalating tensions in the Middle East.

Oil prices rose more than 6% after U.S. President Donald Trump declared at the NATO Summit that the Iran ceasefire "is over," raising fears of a larger conflict with Iran and Strait of Hormuz disruptions.

According to reports the US carried out fresh airstrikes on Iranian targets and revoked a sanctions waiver that had allowed Iran to sell oil globally. Meanwhile, Tehran launched strikes on Bahrain and Kuwait, fueling concerns of a wider conflict in the Middle East region.

The benchmark S&P/TSX Composite Index, which tumbled to 34,618.38, was down 394.86 points or 1.1% at 24,877.73 a little while ago.

Materials stocks are down sharply, weighed down by weak precious metals prices. Financials, real estate and technology stocks are among the other notable losers.

Energy stocks are up, riding on higher crude oil prices. Several stocks from consumer staples, communications and utilities sectors are up with notable gains.

Eldorado Gold, Alamos Gold, SSRMining, Torex Gold Resources, Seabridge Gold, Lundin Gold, Iamgold Corporation, First Majestic Silver, HudBay Minerals, Endeavour Mining, Lightspeed Commerce lost 5%-7%.

Ero Copper, Pan American Silver Corp., Silvercorp Metals, Wheaton Precious Metals, B2Gold Corp., Teck Resources, Air Canada, Onex Corporation, Shopify, Franco-Nevada Corporation, Kinaxis, Aritzia, BRP, Open Text Corporation, Ballard Power Systems, Magna International, Power Corporation of Canada and Canada Goose Holdings are among the other major losers.

Gran Tierra Energy, Methanex, Cenovus Energy, Westshore Terminals, North West Company, Enerflex, Whitecap Resources, Vermilion Energy, Canadian Natural Resources, Precision Drilling, Suncor Energy, Celestica, Imperial Oil, Tourmaline Oil Corporation, Baytex Energy, Prairiesky Royalty and Parmount Services are up with strong gains.