After an early sharp fall and a subsequent modest recovery, the Canadian market slipped deeper into the red again Tuesday morning, and despite regaining some lost ground subsequently, remains very weak about an hour past noon.
Stocks tumbled right at the start as a sell-off in global amid rising concerns about inflation and possibility of global central banks resorting to some tighter policy stance sooner than expected rendered the mood bearish.
Energy, consumer discretionary and real estate shares are among the most prominent losers. Shares from utilities, industrials, technology and consumer staples sections are also mostly weak, while materials, financial and healthcare stocks are turning in a mixed performance.
The benchmark S&P/TSX Composite Index, which plunged to a low of 19,090.28 in early trades, is down 185.69 points or about 1% at 19,176.19 an hour past noon.
Gildan Activewear (GIL.TO), down nearly 5%, is the biggest loser in the consumer discretionary index. Aritzia Inc (ATZ.TO), Magna International (MG.TO), Canada Goose Holdings (GOOS.TO), Linamar Corp (LNR.TO) and Martinrea International (MRE.TO) are lower by 2.5 to 4%.
Among energy stocks, Crescent Point Energy (CPG.TO), MEG Energy (MEG.TO), Vermilion Energy (VET.TO), Suncor Energy (SU.TO), Enerplus Corp (ERF.TO), PrairieSky Royalty (PSK.TO) and Canadian Natural Resources (CNQ.TO) are down 2 to 3.4%.
Real estate stocks Altus Group (AIF.TO), Cominar R E (CUF.UN.TO), Colliers International (CIGI.TO), Crombie Real Estate (CRR.UN.TO), Riocan Real Estate (REI.UN.TO) and Firstservice (FSV.TO) are declining 2.5 to 4%.
Technology stocks Hut 8 Mining Corp (HUT.TO), Kinaxis Inc (KXS.TO), Alithya Group (ALYA.TO), Sierra Wireless (SW.TO) and Constellation Software (CSU.TO) are down 2.5 to 4.2%.
Aurinia Pharmaceuticals Inc (AUP.TO) shares are up nearly 11%, topping the list of gainers in the healthcare index. Organigram Holdings (OGI.TO) is rising 4.7% and Cronos Group (CRON.TO) is up 1%.
Among the stocks in the materials section, Centerra Gold (CG.TO) is gaining about 8% after the company reported a first-quarter profit of US$167.4 million. The company said that on adjusted basis, it earned 28 cents per share in the first quarter, compared with 16 cents in the year-ago quarter.
Novagold (NG.TO), MAG Silver (MAG.TO), Lithium Americas Corp (LAC.TO), New Gold (NGD.TO), Osisko Gold Royalties (OR.TO) and Seabridge Gold (SEA.TO) are up 2 to 4%.
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