Canadian market weak; energy, materials shares drifting lower

Ottawa, Jan. 12, (dpa/GNA) – The Canadian stock market is down in negative territory a little past noon on Monday, after opening on a weak note amid worries about growth due to continued spikes in coronavirus cases and tighter restrictions on movements in several parts across the world.

Energy, materials, utilities and real estate stocks are weak. Healthcare stocks are having a good outing, while technology, financial and consumer sector stocks are turning in a mixed performance.

The benchmark S&P/TSX Composite Index, which opened nearly 120 points down at 17,924.12, was down 52.99 points or 0.3 per cent at 17,989.08 about a quarter past noon.

Among energy shares, Cenovus Energy (CVE.TO) is declining 3.3 per cent, Seven Generations Energy (VII.TO) is down 2.3 per cent and MEG Energy Corp (MEG.TO) is sliding 2 per cent. Vermilion Energy (VET.TO), PrairieSky Royalty (PSK.TO) and Crescent Point Energy (CPG.TO) are down 1 to 1.4 per cent.

In the materials section, First Quantum Minerals (FM.TO), Lundin Mining Corp (LUN.TO), Ero Copper (ERO.TO), Methanex Corp (MX.TO), Hudbay Minerals (HBM.TO), Agnico Eagle Mines (AEM.TO) and Eldorado Gold (ELD.TO) are down 2 to 5 per cent.

Cronos Group (CRON.TO), up nearly 11 per cent, tops the list of gainers in the healthcare index. Aurora Cannabis (ACB.TO) is rising nearly 8 per cent, Canopy Growth Corporation (WEED.TO) is advancing 7.4 per cent, Aphria Inc. (APHA.TO) is gaining 7.25 per cent and Aurinia Pharmaceuticals (AUP.TO) is up 2.5 per cent, while Bausch Health Companies (BHC.TO) is up with a gain of 1.5 per cent.

Among information technology stocks, Absolute Software (ABST.TO) is gaining 8 per cent, BlackBerry (BB.TO) is up 2.3 per cent and Enghouse Systems (ENGH.TO) is advancing 1.75 per cent. Shopify Inc.
(SHOP.TO) and Celestica Inc (CLS.TO) are both gaining about 1.1 per cent, while Lightspeed Pos (LSPD.TO) is gaining 0.85 per cent.

In the financial section, Sun Life Financial (SLF.TO), Manulife Financial (MFC.TO), Bank of Montreal (BMO.TO), National Bank of Canada (NA.TO), Canadian Imperial Bank of Commerce (CM.TO) and Royal Bank of Canada (RY.TO) are down in negative territory, while Fairfax Financial Holdings (FFH.TO), Toronto-Dominion Bank (TD.TO) and Laurentian Bank (LB.TO) are higher.

GNA