Canadian Market Down In Negative Territory On Weak Data, Geopolitical Concerns

(RTTNews) - The Canadian market, which briefly emerged into positive territory after a weak start Friday morning, faltered subsequently and is languishing in the red a little past noon, dragged down by losses in energy and healthcare sections.

Materials and industrials shares are also mostly lower, while shares from the rest of the sectors are turning in a mixed performance.

Weak economic data, lower crude oil prices and rising concerns about Russia-Ukraine tensions are weighing on the market.

The benchmark S&P/TSX Composite Index, which dropped to a low of 21,025.76, is down 111 points or 0.52% at 21,065.33 nearly half an hour past noon.

Crescent Point Energy (CPG.TO), Baytex Energy (BTE.TO), Vermilion Energy (VET.TO), Whitecap Resources (WCP.TO), Paramount Resources (POU.TO), Cenovus Energy (CVE.TO), Canadian Natural Resources (CNQ.TO), Parex Resources (PXT.TO) and MEG Energy (MEG.TO) are down 2 to 4%.

In the Healthcare Index, Cronos Group (CRON.TO) is declining 5.5%, Aurora Cannabis (ACB.TO) and Canopy Growth Corp (WEED.TO) both are down by about 4.5%, Tilray Inc (TLRY.TO) is lower by 3.1%, Bausch Health Companies (BHC.TO) is down 2.3% and Well Health Technologies (WELL.TO) is drifting down 2.1%.

Air Canada (AC.TO) shares are climbing up nearly 4% after the company's operating loss narrowed in the fourth quarter. The company reported fourth quarter 2021 operating loss of $503 million compared to an operating loss of $1.003 billion in the fourth quarter of 2020.

Ritchie Bros. Auctioneers Incorporated (RBA.TO) shares are plunging 13% after the company reported fourt-quarter net income of $30.6 million, down 37% compared to net income of $48.9 million in the fourth-quarter of 2020.

Retail sales in Canada likely rose 2.4% month-over-month in January of 2022, preliminary estimates showed. Considering December, retail sales decreased 1.8% over a month earlier, compared to an upwardly revised 0.8% increase in November.

Retail sales excluding autos in Canada decreased 2.5% month on month in December of 2021, the biggest decline in eight months.

Another data from Statistics Canada showed new home prices in Canada grew by 0.9% from a month earlier in January of 2022, up from a 0.2% increase in the previous month. Year-on-year, new home prices advanced 11.8%, after a 11.6% rise in the previous month.