Canadian market in negative territory; Cannabis and tech stocks go down

(RTTNews) – After a weak start and a rally that took it into positive territory for a few minutes, the Canadian stock market slipped into the red on Monday morning, weighed down by losses in health and tech stocks.

Energy stocks are firmly in positive territory, while a few stocks in the telecommunications and financials sectors are up with noticeable gains. The stocks of other sectors are mostly moderate in cautious trade.

Growth concerns over the spread of coronavirus cases in several parts of Europe and lockdown restrictions in some countries appear to weigh on sentiment.

The S & P / TSX Composite Index was down 108.51 points or 0.5% to 21,446.52 minutes after noon.

Organigram Holdings (OGI.TO) plunges more than 7%. Canopy Growth Corp (WEED.TO), Tilray Inc (TLRY.TO), Aurora Cannabis (ACB.TO) and Cronos Group (CRON.TO) are down 4.7-5%. Well Health Technologies (WELL.TO) is down 1.7%.

Tech stocks Docebo Inc (DCBO.TO) and Hut 8 Mining (HUT.TO) are down 6.5% and 5.2%, respectively. Shopify Inc (SHOP.TO), Kinaxis Inc (KXS.TO), BlackBerry (BB.TO), Telus International (IXT.TO) and Nuvei Corp (NVEI.TO) are down 3.7% to 4.6% . Lightspeed Pos (LSPD.TO), Descartes Systems (DSG.TO), Alithya Group (ALYA.TO) and Absolute Software Corp (ABST.TO) are also down sharply.

In the energy section, Crescent Point Energy (CPG.TO), Enerplus Corp (ERF.TO), Vermilion Energy (VET.TO), MEG Energy (MEG.TO), Whitecap Resources (WCP.TO), Suncor Energy (SU .TO), PrairieSky Royalty (PSK.TO) and Imperial Oil (IMO.TO) gain 1.8-4%.

Statistics Canada said preliminary estimates show wholesale sales in Canada likely rose 1.4% month-over-month in October, after rising 1% the month before.

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


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