Canadian Market Extending Losses To Sixth Session

(RTTNews) - The Canadian market is notably lower Thursday afternoon, extending losses to a sixth straight session, amid rising worries about global growth due to continued rise in coronavirus cases of the delta variant in several countries.

Weak crude oil prices and likely tapering of asset buying program by the Federal Reserve before the end of this year weigh as well on the market.

Healthcare, materials and consumer discretionary shares are among the other major losers. Several stocks from real estate and financial sectors too are weak, while a few stocks from industrials, consumer staples and information technology are moving higher.

The benchmark S&P/TSX Composite Index is down 132.40 points or 0.65% at 20,169.71 about a couple of hours past noon.

Energy stocks are down sharply as crude oil prices are falling again. West Texas Intermediate Crude oil futures for September delivery are down $1.90 or 2.91% at $63.56 a barrel.

Enerplus Corp (ERF.TO) is down more than 5%. Vermilion Energy (VET.TO), Tourmaline Oil Corp (TOU.TO), Crescent Point Energy (CPG.TO) and Arc Resources (ARX.TO) are down 3 to 4%. Imperial Oil (IMO.TO), Cenovus Energy (CVE.TO) and Prairiesky Royalty (PSK.TO) are also sharply lower.

In the materials section, Stelco Holdings (STLC.TO), Lundin Mining Corp (LUN.TO), Teck Resources (TECK.B.TO), Hudbay Minerals (HBM.TO), First Quantum Minerals (FM.TO), Ero Copper (ERO.TO) and West Fraser Timber (WFG.TO) are down 4 to 8%.

Healthcare stocks Trillium Therapeutics (TRIL.TO), Aurinia Pharmaceuticals (AUP.TO), Organigram Holdings (OGI.TO), Tilray Inc (TLRY.TO), Aurora Cannabis (ACB.TO), Canopy Growth Corp (WEED.TO) and Cronos Group (CRON.TO) are down 2 to 4%.

On the economic front, Canada added 221,300 jobs from June to July, according to the ADP Canada National Employment Report.