Technology stocks

Slightly lower Canadian market; Tech stocks are losing ground

(RTTNews) – The Canadian market is in negative territory, weighed down by losses in the information technology and consumer discretionary sectors.

Investors, who digest data on jobs in Canada and the United States, are also closely monitoring updates regarding the spread of the Omicron variant of the coronavirus.

The benchmark S & P / TSX Composite Index, which fell to 20,942.37, is down 50.61 points or 0.24% to 21,021.59 about half an hour before noon.

Tech stocks Hut 8 Mining Corp (HUT.TO), Docebo Inc (DCBO.TO), Shopify Inc (SHOP.TO), Tecsys Inc (TCS.TO), Lightspeed Pos (LSPD.TO) are down 2, 8 to 4.5%.

Canada Goose Holdings (GOOS.TO), down 7.6%, is the biggest loser in the consumer discretionary index. Martinrea International (MRE.TO), Mty Food Group (MTY.TO), Brp Inc (DOO.TO) and Linamar Corp (LNR.TO) are down 1.7 to 2%.

Statistics Canada data showed that the Canadian economy created 54,700 jobs in December 2021, following a gain of 153,700 in November and above market expectations of 27,500. Full-time employment increased by 123,000 (0.8%) in December, while part-time employment fell by 68,000 (-1.9%).

Canada’s unemployment rate fell for a seventh consecutive month in December, falling to a new pandemic low of 5.9%, from 6% in November.

Another data from Statistics Canada showed that average hourly earnings in Canada increased to C $ 31.22 in December 2021 from the previous month.

Data from the Department of Labor showed that non-farm payroll employment increased by 199,000 jobs in December after climbing by 249,000 revised upward jobs in November. Economists expected employment to jump 400,000 from the 210,000 addition initially reported for the previous month.

Despite weaker-than-expected job growth, the unemployment rate slipped to 3.9% in December from 4.2% in November. The unemployment rate is expected to decline to 4.1%.

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