Canadian Shares Losing Ground As Coronavirus Fears Rise

(RTTNews) - The Canadian stock market is deep down in negative territory a little past noon Friday due to heavy selling across the board amid rising fears about the impact of the fast-spreading coronavirus in China on the global economy.

Information technology, consumer discretionary, energy, healthcare and financial shares are mostly down with notable losses. Industrial and telecommunications shares are down as well. A few stocks from the materials space are bucking the trend and trading higher.

The benchmark S&P/TSX Composite Index is down 140.74 points, or 0.8%, at 17,349.82, after having plunged to 17,312.38 earlier.

In the information technology space, Opex Text Corporation (OTEX.TO) and Lightspeed Pos (LSPD.TO) are down 3.3% and 3.4%, respectively. CGI Group (GIB.A.TO), Exfo Inc. (EXF.TO), Enghouse Systems (ENGH.TO), Blackberry (BB.TO) and Descartes Systems Group (DSG.TO) are down 1.3 to 2.5%.

Among the losers in the consumer discretionary sector, Canada Goose Holdings (GOOS.TO) is down nearly 6%, Gildan Activewear (GIL.TO) is lower by 4%, Dollarama (DOL.TO) is declining 3.2% and Linamar Corp (LNR.TO) is down nearly 3%.

Among energy stocks, Vermilion Energy (VET.TO) is down 4.5%. Encana Corp (ECA.TO) is declining 4.4%, while Husky Energy (HSE.TO), Canadian Natural Resources (CNQ.TO), Cenovus Energy (CVE.TO) and Enerflex (EFX.TO) are lower by 2 to 2.5%.

In the healthcare space, Cronos Group (CRON.TO) is down 2.8%, Canopy Growth Corporation (WEED.TO) is declining 2.1% and Bausch Health Companies (BHC.TO) is down 1.75%. Extendicare (EXE.TO) is declining 1.2%.

Among the stocks in the financial section, Manulife Financial Corp (MFC.TO), Bank of Montreal (BMO.TO), Power Corporation of Canada (POW.TO), CDN Western Bank (CWB.TO), Sun Life Financial (SLF.TO), Power Financial Corp (PWF.TO) and Canadian Imperial Bank of Commerce (CM.TO) are down 1 to 2.3%.

In the materials section, Oceanagold Corp (OGC.TO) is rising 6%, while Centerra Gold (CG.TO), Alacer Gold Corp (ASR.TO), Detour Gold (DGC.TO), Yamana Gold (YRI.TO), Kirkland Lake Gold (KL.TO) are gaining 3 to 5%.

In economic news, data from Statistics Canada showed Canada's Industrial Product Price Index edged up 0.1% in December, driven primarily by higher prices for primary non-ferrous metal products.

The agency's raw materials price index hiked 2.8%, mainly due to higher prices for crude energy products.

Meanwhile, Gross Domestic Product edged up 0.1% in November, offsetting most of the decline in October.

Rising concerns about the coronavirus outbreak have taken a toll of equities across global markets. According to Chinese officials, 213 people have died from the coronavirus, while the number of confirmed cases has risen to more than 9,800.

The U.K. and Russia have also confirmed their cases of coronavirus infection, raising concerns about the rapid spread of the disease and the impact on the global economy.