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Canadian Market Headed For Another Weak Close As Stocks Tumble On Rate Hikes Jitters

Canadian shares are down firmly in negative territory Thursday afternoon and look well on course to end the session on a dismal note.

Worries about growth amid rising prospects of a series of sharp interest rate hikes and tighter policies from central banks to combat inflation weigh on stocks.

Materials, energy and financials shares are down sharply. Stocks from communications and industrials sections are also weak. Healthcare, consumer and real estate stocks are faring well. A few stocks from the technology sector are up on bargain hunting.

The benchmark S&P/TSX Composite Index is down 345.88 points or 1.74% at 19,491.37.

The Materials Capped Index is down almost 4%. Cascades Inc. (CAS.TO), down 21%, is the biggest loser in the section. Wesdome Gold Mines (WDO.TO) is plunging 13.7%.

First Majestic Silver Corp (FR.TO) is down more than 10%. The company reported net earnings for $7.3 million for the first quarter of 2022, compared with $1.9 million a year ago.

The Energy Index is down by about 3% and the Financials index is down 2.2%.

Canadian Tire Corporation Limited (CTC.TO) reported diluted earnings per share of $3.03 for the first quarter of 2022, up 23% over the year-ago period. Despite the surge in earnings, the stock is down 9.5%.

Crescent Point Energy (CPG.TO) reported adjusted net earnings of $240.9 million for the quarter ended March 2022, compared with $95.1 million a year ago. The stock is lower by about 1.6%.

Primo Water Corporation (PRMW.TO) reported adjusted net income and adjusted net income per diluted share of $14 million and $0.09, respectively, for the first quarter, compared to adjusted net income and adjusted net income per diluted share of $9 million and $0.06, respectively, in the corresponding quarter last year. The stock is down by about 1.6%.

Docebo Inc (DCBO.TO) is down more than 14%. The company reported net loss of $7.0 million, or $0.21 per share, in the first quarter of 2022, compared to net loss of $5.6 million, or $0.17 per share for the comparative period in the prior year.

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