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Canadian Market Down Firmly In Negative Territory Around Noon

The Canadian market is down sharply in negative territory around noon on Tuesday with stocks from across several sectors reeling under selling pressure amid rising worries about slowing growth and fears over monetary policy tightening by central banks.

Canada's inflation slowed more than expected in August, but still the mood in the market remains quite bearish.

Data from Statistics Canada showed that the consumer price index rose 7% on a year-over-year basis in August, down from a 7.6% gain in July. Economists has expected a 7.3% increase.

The CPI rose 0.1% on a seasonally adjusted monthly basis in August, same as seen in July. Core CPI, excluding food and energy, eased to 0.2% from 0.5% in the previous month.

The benchmark S&P/TSX Composite Index, which tumbled to 19,272.10, is down 204.52 points or 1.05% at 19,357.86 about a quarter past noon.

Among materials shares, Interfor Corp (IFP.TO) is down nearly 7%. B2Gold Corp (BTO.TO), Canfor Corp (CFP.TO), West Fraser Timber (WFG.TO), Hudbay Minerals (HBM.TO), First Majestic Silver Corp (FR.TO), Novagold (NG.TO), Barrick Gold Corp (ABX.TO), Methanex Corp (MX.TO), Yamana Gold (YRI.TO) and Kinross Gold (K.TO) are down 3 to 5.1%.

In the energy sector, Arc Resources (ARX.TO), Parex Resources (PXT.TO), Tourmaline Oil Corp (TOU.TO), Crescent Point Energy (CPG.TO), Cenovus Energy (CVE.TO), Canadian Natural Resources (CNQ.TO) and Vermilion Energy (VET.TO) are down 1.4 to 3.2%.

Technology stocks Shopify Inc (SHOP.TO), Sylogist (SYZ.TO), Hut 8 Mining Corp (HUT.TO), Opex Text Corp (OTEX.TO), Celestica Inc (CLS.TO), Constellation Software (CSU.TO) and Descartes Systems (DSG.TO) are declining 1.6 to 3%.

Weston George (WN.TO), Loblaw Co (L.TO), Alimentation Couche-Tard (ATD.TO), Maple Leaf Foodsw (MFI.TO) and Saputo (SAP.TO) are lower by 1.6 to 2%.

Nuvei Corporation (NVEI.TO), Canada Goose Holdings (GOOS.TO), Softchoice Corporation (SFTC.TO), Tecsys Inc (TCS.TO), Aritzia Inc (ATZ.TO) and Precision Drilling Corporation (PD.TO) are gaining 1.2 to 4%.

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