The Canadian stock market is languishing in negative territory Friday morning, weighed down by losses in energy, materials, technology and financial shares.
Weak commodity prices and disappointing earnings updates from top U.S. firms Apple Inc. and Amazon appear to be weighing on sentiment.
The benchmark S&P/TSX Composite Index, which slid to a low of 21,063.35, is down 76.05 points or 0.36% at 21,121.48.
Imperial Oil (IMO.TO), down 6.5%, is the most prominent loser in the Energy Index. The company said it posted a net income of $908 million in the fourth quarter, up marginally from $905 million a year ago.
Prairiesky Royalty (PSK.TO), MEG Energy (MEG.TO), Enerplus Corp (ERF.TO), Vermilion Energy (VET.TO), Whitecap Resources (WCP.TO) and Canadian Natural Resources (CNQ.TO) are down 1 to 3%.
Among materials shares, Eldorado Gold (ELD.TO) is declining more than 6%. Yamana Gold (YRI.TO) is down 4.4%
Alamos Gold (AGI.TO), Canfor Corp (CFP.TO), Iamgold Corp (IMG.TO), Equinox Gold (EQX.TO), B2Gold Corp (BTO.TO) and Kinross Gold Corp (K.TO) are lower by 2 to 3%.
Cameco Corp (CCO.TO) shares are down nearly 5% after the company reported adjusted net loss of $54 million in the third quarter ended September 2021, compared to adjusted net loss of $78 million in the year-ago quarter.
Shaw Communications Inc (SJR.B.TO) reported net income of $252 million for the three months ended August 2021, up 44% from a net income of $175 million recorded in the year-ago quarter. The stock is down marginally.
SNC-Lavalin Group Inc (SNC.TO) shares are down nearly 7% despite the company reporting a net profit in the third quarter. SNC Lavalin said it posted a net income of $18.6 million in the third quarter of this financial year, compared to a net loss of $8.8 million in the third quarter of the previous year.
Lithium Americas Corp (LAC.TO), First Quantum Minerals (FM.TO), Stelco Holdings (STLC.TO), Suncor Energy (SU.TO), Waste Connections (WCN.TO), AutoCanada (ACQ.TO) and Canadian National Railway (CNR.TO) are up in positive territory with strong gains.
Data released by Statistics Canada showed the Canadian economy expanded 0.4% month-over-month in August, following a contraction of 0.1% in the previous period, thanks to continued easing of public health restrictions and further reopening across the country.
Another data from Statistics Canada showed the industrial product price in Canada went up 1% month over month in September, in line with preliminary estimates and following a 0.3% drop in August. Year-on-year, producer prices in Canada increased 14.9% in September.
Meanwhile, the Raw Materials Price Index increased 2.5% from an upwardly revised 3.1% decrease in August. On a yearly basis, prices for raw materials advanced 31.9%.
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