Technology stocks

Materials and technology stocks pull Canadian market lower

(RTTNews) – The Canadian market, which retreated after rising slightly earlier in the session, is down in negative territory late Tuesday afternoon, led by losses in the sectors of health care, materials and of technology.

The mood is fairly cautious amid lingering concerns over the war in Ukraine and impending interest rate hikes.

The benchmark S&P/TSX Composite Index was down 65.85 points or 0.3% at 22,019.75. The index, which rose to 22,213.07 earlier in the day, fell to a low of 21,978.27 around noon.

The capped health index is down more than 2.8%. Tilray Inc (TLRY.TO) is down 7%. Aurora Cannabis (ACB.TO), Canopy Growth Corp (WEED.TO) and Cronos Group (CRON.TO) are down 5.8%, 5.5% and 3.7%, respectively. Bausch Health Companies (BHC.TO) is down around 1.1%.

The capped materials index is 2.25% lower. Lithium Americas Corp (LAC.TO) plunges more than 10%. Ivanhoe Mines (IVN.TO), First Quantum Minerals (FM.TO), Capstone Mining Corp (CS.TO), Equinox Gold Corp (EQX.TO) and Hudbay Minerals (HBM.TO) fell 5-6%. Teck Resources (TECK.B.TO), Torex Gold Resources (TXG.TO) and Silvercrest Metals (SIL.TO) are also down sharply.

Tech stocks include Hut 8 Mining Corp (HUT.TO), Magnet Forensics (MAGT.TO), Dye & Durham (DND.TO), Docebo Inc (DCBO.TO), Shopify Inc (SHOP.TO), Celestica Inc (CLS.TO), Tecsys (TCS.TO) and Absolute Software Corp (ABST.TO) are down 3-6%.

Consumer staples stocks Weston George (WN.TO) and Metro Inc (MRU.TO) rose 2.15% and 1.75%, respectively. Shares of The North West Company (NWC.TO) climbed 1.35% and Empire Company (EMP.A.TO) gained 1.3%.

BCE Inc (BCE.TO), up 1.8%, was the biggest gainer in communications. Rogers Communications (RCI.B.TO) gained 1.2% and Telus Corp (T.TO) gained 1%. Quebecor Inc (QBR.B.TO) rose 0.8%.

In economic news, data released by Statistics Canada showed that Canada recorded a trade surplus of C$2.66 billion in February 2022, down from an upwardly revised surplus of C$3.12 billion. Canadian dollars over 13 years the previous month.

Imports rose 3.9% to C$56.1 billion in February, while exports rose 2.8% to a record high of C$58.7 billion.

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