Despite some hectic buying in energy stocks, the Canadian market is down in negative territory a little past noon on Thursday, weighed down by sharp losses in healthcare, technology and consumer discretionary shares.
Rising U.S. bond yields and concerns about high valuations appear to be dragging the market down.
The benchmark S&P/TSX Composite Index, which tumbled to a low of 18,095.84, losing about 225 points, was down 97.31 points or 0.52% at 18,223.36 about half an hour past noon.
The Capped Healthcare Index is down 2.8%. Aphria Inc. (APHA.TO), Aurora Cannabis (ACB.TO), Canopy Growth Corporation (WEED.TO) and Cronos Group (CRON.TO) are sliding 4 to 5%, Aurinia Pharmaceuticals (AUP.TO) is down 3.8% and Sienna Senior Living (SIA.TO) is lower by 2.2%, while Trillium Therapeutics (TRIL.TO) and Bausch Health Companies (BHC.TO) are down 1.8% and 1.2%, respectively.
Kinaxis Inc. (KXS.TO), down nearly 17%, is the biggest loser in the technology index. The company reported a loss of $1586 million or 0.06 per share for the fourth quarter, compared to profit of $7831 million or $0.29 per share in the year-ago quarter.
Photon Control (PHO.TO), Lightspeed Pos (LSPD.TO), Shopify Inc (SHOP.TO) and Evertz Technologies (ET.TO) are down 3 to 6%. Absolute Software (ABST.TO), Constellation Software (CSU.TO), Docebo Inc. (DCBO.TO), Sierra Wireless (SW.TO) and Enghouse Systems (ENGH.TO) are also down sharply.
Consumer discretionary stocks Linamar Corp (LNR.TO), Magna International (MG.TO), Aritzia Inc. (ATZ.TO), Canada Goose Holdings (GOOS.TO), Spin Master Corp (TOY.TO) and Gildan Activewear (GIL.TO) are down 1 to 3%.
MEG Energy (MEG.TO), up nearly 10%, is the top gainer in the energy section. Vermilion Energy (VET.TO) is rising 8% and Parex Resources (PXT.TO) is gaining 6%. Enerplus Corp (ERF.TO), Cenovus Energy (CVE.TO), Whitecap Resources (WCP.TO), Crescent Point Energy (CPG.TO) and Suncor Energy (SU.TO) are up 4 to 5.2%.
Canadian Natural Resources Ltd. (CNQ.TO) shares are up 1.8% after the company reported a sharp jump in fourth quarter net profit at $176 million, compared to its net profit of $135 million in the third quarter.
In the financial section, Fairfax Financial Holdings (FFH.TO) is down 2.5%, while Sun Life Financial (SLF.TO), Manulife Financial (MFC.TO) and Bank of Nova Scotia (BNS.TO) are down 0.5 to 1%. National Bank of Canada (NA.TO) is rising 1.5% and Royal Bank of Canada (RY.TO) is up 1%.
On the economic front, data released by Statistics Canada showed labour productivity in Canada fell 2% on quarter in the fourth quarter of 2020, following a revised record 10.6% plunge in the prior period.
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