TSX Stages Modest Recovery After Sharp Fall, But Stares At Another Weak Close

(RTTNews) - Despite coming off the session's lows, the Canadian market continues to languish deep down in negative territory Monday afternoon and looks set to end on a very weak note once again.

The market is down amid rising concerns over a resurgence in Covid cases in China, and worries about growth as global central banks look to hike interest rates and tighten their policies. Falling commodity prices are weighing on energy and materials shares.

The benchmark S&P/TSX Composite Index, which tanked to 20,672.64 around noon, losing nearly 520 points in the process, is down 199.09 points or 0.95% at 20,987.29.

The Energy Capped Index is down 3.8%. Crescent Point Energy (CPG.TO), Whitecap Resources (WCP.TO), Vermilion Energy (VET.TO), Cenovus Energy (CVE.TO), Baytex Energy (BTE.TO), Imperial Oil (IMO.TO), MEG Energy (MEG.TO) and Canadian Natural Resources (CNQ.TO) are down 4 to 6%.

The Materials Capped Index is down by about 3.3%. Endeavour Silver Corp (EDR.TO) is down more than 7%. Capstone Mining Corp (CS.TO) and Ero Copper (ERO.TO) both are lower by about 6.5%. New Gold Inc (NGD.TO), Yamana Gold Inc (YRI.TO), K92 Mining (KNT.TO), B2Gold Corp (BTO.TO), MAG Silver Corp (MAG.TO), Novagold (NG.TO), Teck Resources (TECK.B.TO) and Methanex (MX.TO) are down 4 to 6.5%.

Financials stocks Manulife Financial (MFC.TO), Bank of Montreal (BMO.TO), CDN Western Bank (CWB.TO), Sun Life Financial (SLF.TO), Royal Bank of Canada (RY.TO), Laurentian Bank (LB.TO) and Toronto-Dominion Bank (TD.TO) are down 1 to 2%.

Technology stocks are up, bouncing back after recent sharp losses. Converge Technology Solutions (CTS.TO) is gaining nearly 6%, Kinaxis Inc (KXS.TO) is rising 4.75%, Lightspeed Commerce (LSPD.TO) is up 4.7% and Nuvei Corp (NVEI.TO) is surging up 4.1%. Constellation Software (CSU.TO), Magnet Forensics (MAGT.TO), Absolute Software Corp (ABST.TO) and Enghouse Systems (ENGH.TO) are gaining 2 to 3.4%.