Canadian Market Notably Lower As Energy, Materials Shares Drop

The Canadian market is notably lower Tuesday morning with stocks from energy, materials and utilities sectors reeling under selling pressure.

The mood remains cautious with investors digesting U.S. consumer price inflation data and looking ahead to the Federal Reserve’s monetary policy announcement, due on Wednesday.

The benchmark S&P/TSX Composite Index is down 136.22 points or 0.67% at 20,182.14.

The Energy Capped Index is down 2.25%, with several stocks in the sector decling sharply on weak crude oil prices. Birchcliff Energy (BIR.TO), Arc Resources (ARX.TO), Tourmaline Oil Corp (TOU.TO), Headwater Exploration (HWX.TO), Secure Energy Services (SES.TO), Freehold Roylaties (FRU.TO), Crescent Point Energy (CPG.TO), Baytex Energy (BTE.TO), Whitecap Resources (WCP.TO), Cenous Energy (CVE.TO), Vermilion Energy (VET.TO) and Precision Drilling Corporation (PD.TO) are down 2.5 to 4.5%.

Among materials shares, Novagold Resources (NG.TO) is down more than 7%. Equinox Gold Corp (EQX.TO), K92 Mining (KNT.TO) and Lithium Americas Corp (LAC.TO) are down 5.2 to 5.5%. Seabridge Gold (SEA.TO), Silvercrest Metals (SIL.TO), Franco-Nevada Corp (FNV.TO), Nutrien (NTR.TO) and First Majestic Silver Corp (FR.TO) are also down sharply.

Among other losers, Spin Master Corp (TOY.TO) is down nearly 7% and Cogeco Communications (CCA.TO) is lower by about 6%. Fortis Inc (FTS.TO), BRP Inc (DOO.TO), TFI International (TFII.TO), ONEX Corporation (ONEX.TO) and West Fraser Timber (WFG.TO) are down 1.2 to 2%.

Among the gainers, Stelco Holdings (STLC.TO) is soaring nearly 10%. Gildan Activewear (GIL.TO) is rising 2.7%, GFL Environmental (GFL.TO) is advancing 2.15%, goeasy (GSY.TO), Descartes Systems Group (DSG.TO) and Waste Communications (WCN.TO) are up 1.6 to 1.8%, while Restaurant Brands International (QSR.TO) is up 1.2%.

Data from the Labor Department showed U.S. consumer prices inched up in line with economist estimates in the month of November, edging up by 0.1%, after coming in unchanged in…