Canadian Stocks Firmly Down In Negative Territory At Noon

(RTTNews) - The Canadian market is down firmly in negative territory around noon on Wednesday with stocks from across several sectors reeling under sustained selling pressure.

Worries about slowing growth and rising interest rates, and reports showing a surge in new Covid cases in China are weighing on sentiment.

The benchmark S&P/TSX Composite Index is down 195.82 points or 1% at 19,310.83 a few minutes before noon.

Shares from the Health Care Index are among the major losers. Several stocks from energy, consumer staples and technology sectors are also sharply lower. Financials and communications are weak as well.

Tilray Inc (TLRY.TO), down 8.6%, is the biggest loser in the Health Care Index. Bellus Health Inc (BLU.TO) and Canopy Growth Corp (WEED.TO) are declining 7.25% and 6.7%, respectively. Bausch Health Companies (BHC.TO) is down 3.7% and Cronos Group (CRON.TO) is lower by about 2.3%.

In the energy sector, Paramount Resources (POU.TO) is down 4.4%. Baytex Energy (BTE.TO), Birchcliff Energy (BIR.TO), Vermilion Energy (VET.TO), ARC Resources (ARX.TO), Enerplus Corp (ERF.TO) and Precision Drilling Corp (PD.TO) are down 2.5 to 4%.

Hut 8 Mining Corp (HUT.TO), down 5.1%, is the biggest loser in the Information Technology Index. BlackBerry (BB.TO) is down 5% and Lightspeed Commerce (LSPD.TO) is lower by 4.4%. Shopify Inc (SHOP.TO) and Nuvei Corp (NVEI.TO) are down 2.5% and 1.4%, respectively.

Among consumer staples stocks, Weston George (WN.TO) is down 2.5%. Loblaw (L.TO), Premium Brands Holdings Corp (PBH.TO), Metro Inc (MRU.TO) and Empire Company (EMP.A.TO) are down 1 to 1.7%.