Canadian Market Deep Down In Negative Territory On Growth Worries

(RTTNews) – The Canadian market remains deep down in negative territory Monday afternoon despite regaining a significant portion of lost ground.

Mounting worries about global economic slowdown, rising bond yields amid looming interest rate hikes, and news about a surge in coronavirus cased in China are weighing on the market.

The benchmark S&P/TSX Composite Index, which tanked nearly 675 points to 19,602.90, is down 424.99 points or 2.1% at 19,849.83.

Mirroring all-round selling, all the sectoral indices are down in negative territory. The Industrials Capped Index, which is down by about 1%, has suffered the least damage. The Health Care Capped Index is down 4.25%, while the Information Technology Index and the Materials Index both are down by about 3.7%.

Several stocks from energy, real estate, consumer discretionary and financials sectors are down with sharp losses.

Shopify Inc (SHOP.TO) is down more than 9%. Nuvei Corp (NVEI.TO) is declining 8.8%, Methanex Corp (MX.TO) is drifting down 8.1% and Goeasy (GSY.TO) is lower by about 7%.

West Fraser Timber (WFG.TO), Precision Drilling (PD.TO), CargoJet (CJT.TO), Kinaxis Inc (KXS.TO), Franco-Nevada Corp (FNV.TO) and Fairfax Financial Holdings (FFH.TO) are down 2.7 to 6%.

Among the few gainers, Ritchie Bros. Auctioneers (RBA.TO), Imperial Oil (IMO.TO) are up 3% and 1.75%, respectively.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.