Canadian Market Remains Weak In Lackluster Trade

The Canadian market, which drifted lower following a weak start Thursday morning, continues to languish in negative territory about an hour past noon, with stocks from healthcare and energy sectors posting sharp losses.

Financial and real estate shares are also weak, while stocks from information technology, industrials, materials and utilities sectors are turning in a mixed performance in lackluster trade.

Worries over the likely impact of surging coronavirus cases on the pace of global economic recovery weigh on sentiment.

The benchmark S&P/TSX Composite Index, which dropped to a low of 20,040.17, is down 27.65 points or 0.14% at 20,082.40 an hour past noon.

The Capped Healthcare Index is down more than 3%. Tilray Inc (TLRY.TO), Trillium Therapeutics (TRIL.TO), Aurora Cannabis (ACB.TO) and Organigram Holdings (OGI.TO) are down 4 to 5%. Cronos Group (CRON.TO), Canopy Growth Corp (WEED.TO) and Bausch Health Companies (BHC.TO) are lower by 2 to 3%.

Energy stocks Vermilion Energy (VET.TO), Enerplus Corp (ERF.TO), Suncor Energy (SU.TO) and Parex Resources (PXT.TO) are down 1 to 2%.

Mullen Group (MTL.TO), up nearly 5%, tops the list of gainers in the industrials section. The company sid it generated consolidated revenue of $312.5 million in the second quarter, an increase of $55.0 million, or 21.4%, as compared to $257.5 million in 2020 due to a combination of incremental revenue generated from acquisitions and internal growth.

Cae Inc (CAE.TO) is rising 4.5%, while Cargojet (CJT.TO) and Boyd Group Services (BYD.TO) both are up 2.7%.

Information technology stocks Tecsys Inc (TCS.TO) and Hut 8 Mining Corp (HUT.TO) gained 2% and 2.1%, respectively. Lightspeed Pos (LSPD.TO) is up 1.5% while Shopify Inc (SHOP.TO) is gaining nearly 1%.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT