Canadian Market Notably Lower At Noon

The Canadian market is down firmly in negative territory around noon on Monday with stocks from several sectors reeling under sustained selling pressure.

Uncertainty about the outlook for interest rates following strong U.S. non-farm payrolls data appears to be weighing on the market.

Investors are also looking ahead to the Bank of Canada's monetary policy announcement, due on Wednesday.

Technology, energy, materials and financials shares are among the most prominent losers. Several stocks from consumer discretionary sector are also notably lower.

The benchmark S&P/TSX Composite Index is down 192.25 points or 0.95% at 20,293.41 at noon.

BlackBerry (BB.TO), down 5.2%, is the biggest loser in the Information Technology Index. Tecsys Inc (TCS.TO) is down 4.4%, while Hut 8 Mining Corp (HUT.TO), Softchoice Corp (SFTC.TO), Lightspeed Commerce (LSPD.TO), Kinaxis Inc (KXS.TO), Nuvei Corp (NVEI.TO) and Shopify Inc (SHOP.TO) are dow 2 to 4%.

Energy stocks Arc Resources (ARX.TO), Canadian Natural Resources (CNQ.TO), Imperial Oil (IMO.TO), Crescent Point Energy (CPG.TO), Cenvous Energy (CVE.TO), Baytex Energy (BTE.TO) and Enerplus Corp (ERF.TO) are down 1.2 to 2.5%.

In the materials section, Oceanagold (OGC.TO) is down more than 5%. MAG Silver Corp (MAG.TO), Silvercrest Metals (SIL.TO), Hudbay Minerals (HBM.TO), Teck Resources (TECK.B.TO) and Eldorado Gold (ELD.TO) are down 2 to 4%.

In the financials section, Onex Corp (ONEX.TO), Sprott Inc (SII.TO), National Bank of Canada (NA.TO), Toronto-Dominion Bank (TD.TO), Bank of Montreal (BMO.TO) and Bank of Nova Scotia (BNS.TO) are down 1 to 2%.

In economic news, the total value of building permits in Canada decreased by 1.4% over the month to CAD 10 billion in October of 2022, following an upwardly revised 18.2% surge in the prior month.

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