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Canadian Market Down In Negative Territory After Hitting New High

After opening with a good positive gap and hitting a new high as well, the Canadian stock market retreated and slipped into negative territory Thursday morning, led by losses in healthcare, materials and technology sections.

Stocks from consumer discretionary sector are also mostly down, while shares from other sectors are turning in a mixed performance.

The benchmark S&P/TSX Composite Index is down 89.66 points or 0.46% at 19,267.29 about an hour past noon. The index, which touched a new high of 19,439.82 in early trades, slipped to a low of 19,221.70.

The Capped Materials Index is down more than 2.5%. Methanex Corp (MX.TO) is declining nearly 8%. Lundin Mining Corp (LUN.TO) is down 6%, while Yamana Gold (YRI.TO), MAG Silver (MAG.TO), Canfor Corp (CFP.TO), Torex Gold Resources (TXG.TO), Pan American Silver Corp (PASS.TO), Hudbay Minerals (HBM.TO), Iamgold Corp (IMG.TO), First Quantum Minerals (FM.TO), Kinross Gold Corp (K.TO), Eldorado Gold (ELD.TO) and Barrick Gold Corp (ABX.TO) are down 3 to 4%.

Among technology stocks, Hut 8 Mining Corp (HUT.TO) is down more than 8%. Celestica Inc (CLS.TO), Shopify Inc (SHOP.TO), BlackBerry (BB.TO), Tecys Inc (TCS.TO), Lightspeed Pos (LSPD.TO) and Alithya Corp (ALYA.TO) are lower by 2.5 to 4.5%.

Healthcare stocks Aphria Inc (APHA.TO) and Organigram Holdings (OGI.TO) are down 7% and 6%, respectively. Canopy Growth Corp (WEED.TO) and Cronos Group (CRON.TO) both are down by about 4.6%, while Aurora Cannabis (ACB.TO) and Aurinia Pharmaceuticals (AUP.TO) are declining 3.1% and 2.3%, respectively.

Consumer discretionary stocks Magna International (MG.TO), Martinrea International (MRE.TO) and Linamar Corp (LNR.TO) are down 4%, 3% and 2.8%, respectively. Aritzia Inc (ATZ.TO) is down 1.7% and Canadian Tire Corporation (CTC.A.TO) is lower by 1.25%.

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