Canadian Market Continues To Languish In Negative Territory

(RTTNews) - The Canadian market continues to languish in negative territory Wednesday afternoon with stocks from energy and consumer staples sectors posting sharp losses.

The benchmark S&P/TSX Composite Index, which drifted down to 20,580.50 around noon, is down 109.70 points or 0.52% at 20,657.68.

The Energy Capped Index is down more than 3%. Spartan Delta Corp (SDE.TO) is plunging nearly 10%. Crescent Point Energy (CPG.TO), Vermilion Energy (VET.TO) and Enerplus Corp (ERF.TO) are down 5 to 5.6%.

Cenovus Energy (CVE.TO), Whitecap Resources (WCP.TO), Baytex Energy (BTE.TO), Arc Resources (ARX.TO), Precision Drilling Corp (PD.TO) and Canadian Natural Resources (CNQ.TO) are down 3 to 4%.

Consumer staples stocks Loblaw Co (L.TO), Empire Company (EMP.A.TO), Metro Inc (MRU.TO), Premium Brands Holdings (PBH.TO), Weston George (WN.TO) and Saputo (SAP.TO) are down 1 to 2%.

Among the gainers, Linamar Corporation (LNR.TO), CGI Inc (GIB.A.TO), BRP Inc (DOO.TO) and Boralex (BLX.TO) are up 3 to 4.5%.

Magna International (MG.TO), Canadian Tire Corporation (CTC.A.TO), Cogeco Inc (CGO.TO), Descartes Systems Group (DSG.TO), Tfi International (TFII.TO) and Goeasy (GSY.TO) are gaining 1 to 2.7%.

On the economic front, the S&P Global Canada Manufacturing PMI rose to 51 in January 2022 from 49.2 in the previous month.