Canadian Stocks Languishing In Negative Territory Despite Paring Some Early Losses

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The Canadian stock market, which opened on a weak note amid rising concerns about the surge in coronavirus infections across the world, continues to languish in negative territory a little past noon on Thursday.

Healthcare, energy, financial and real estate stocks are down sharply. Several stocks from utilities, telecom and consumer discretionary sectors are also notably lower. Materials shares are weak as well, while information technology and consumer staples sections are finding some support.

The benchmark S&P/TSX Composite Index, which tumbled to 15,391.73, losing nearly 240 points in the process, is down 117.77 points or 0.75% at 15,511.42 nearly half-an-hour past noon.

Air Canada (AC.TO), Kirkland Lake Gold (KL.TO) and Toronto-Dominion Bank (TD.TO) are down 2.7 to 3%. Suncor Energy (SU.TO), Bank of Montreal (BMO.TO), Bank of Nova Scotia (BNS.TO), Canadian Imperial Bank of Commerce (CM.TO), Canadian Natural Resources (CNQ.TO), Canadian National Railway (CNR.TO), Enbridge Inc (ENB.TO) and BCE Inc. (BCE.TO) are down 1 to 1.7%.

Mty Food Group (MTY.TO) is plunging more than 8%. BRP Inc. (DOO.TO), Colliers International (CIGI.TO), Kirkland Lake Gold (KL.TO) and Cargojet (CJT.TO) are lower by 2 to 3.3%.

Among the gainers, Alimentation Couche-Tard (ATD.B.TO) is up nearly 3.5% and Shopify Inc. (SHOP.TO) is rising 3%. Waste Connections (WCN.TO), Restaurant Brands International (QSR.TO), Enghouse Systems (ENGH.TO) and Cogeco Inc. (CGO.TO) are gaining 1 to 2.3%.

U.S. stocks are notably lower amid concerns about the economic impact of the coronavirus which has been rising by the day. European markets ended lower, while markets across the Asia-Pacific region closed higher.

According to the latest update from Johns Hopkins University, U.S. reported more than 62,000 new cases in the last 24 hours, and the total number of people who contacted the disease in the U.S. increased to over 3.05 million. 829 additional deaths were reported, taking the death toll in the U.S. to 132309, the update showed.

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2020-07-09 12:33:48

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