Canadian Market Down Firmly In Negative Territory

(RTTNews) - The Canadian market is down firmly in negative territory Thursday afternoon, with stocks from across several sectors reeling under sustained selling pressure, amid concerns the U.S. interest rates will remain higher for a longer time.

The benchmark S&P/TSX Composite Index was up 175.75 points or 0.79% at 22,171.01 a little while ago.

Materials, utilities, healthcare and communications stocks are among the major losers. Several stocks from real estate, industrials, consumer discretionary and financials sectors are also notably lower.

Toronto-Dominion Bank (TD.TO) is down 1.7%. The bank reported adjusted net income of $3,789 million for the second quarter, compared with $3,707 million in the year-ago quarter.

Bombardier Inc (BBD.B.TO) is down more than 7%. Canadian Tire Corporation (CTC.TO) is down 4%. Dayforce Inc (DAY.TO), Franco-Nevada Corporation (FNV.TO), Kinaxis Inc (KXS.TO), Molson Coors Canada (TPX.B.TO) and Linamar Corporation (LNR.TO) are lower by 2 to 3%.

Computer Modelling Group (CMG.TO) is rising 6.5%. Bausch + Lomb Corporation (BLCO.TO), Celestica Inc (CLS.TO) and Jamieseon Wellness (JWEL.TO) are gaining 2.5 to 3.4%. Alimentation Couche-Tard (ATD.TO) is up 2%.

On the economic front, data from Statistics Canada showed new home prices in Canada were up 0.2% in April, higher than market forecasts for a 0.1% increase.