At midday on Tuesday, the Canadian market demonstrated significant declines across various sectors due to intense selling pressure.
Energy and materials sectors are notably affected due to weak commodity prices, while technology and consumer discretionary sectors also endure substantial losses.
The primary S&P/TSX Composite Index has fallen by 290.91 points, or 1.24%, sitting at 23,055.27 as of noon.
The Materials Capped Index has seen a drastic drop of 4.2%, with several stocks suffering significant losses. Capstone Mining Corp (CS.TO), Lundin Mining Corp (LUN.TO), and First Quantum Minerals (FM.TO) are experiencing declines ranging from 10.5% to 11.2%.
Other notable declines in the materials sector include Ivanhoe Mines (IVN.TO), Hudbay Minerals (HBM.TO), New Gold (NGD.TO), Aya Gold & Silver (AYA.TO), Fortuna Silver Mines (FVI.TO), and Ero Copper (ERO.TO), recording drops between 5% and 8%.
The Energy Capped Index is down by 3.3%. Significant falls include International Petroleum Corp (IPCO.TO) decreasing by 8%, Baytex Energy (BTE.TO) dropping 6.7%, and Africa Oil Corp (AOI.TO) falling nearly 6%. Additionally, Ces Energy Solutions (CEU.TO), Precision Drilling Corp (PD.TO), Veren Inc (VRN.TO), Vermilion Energy (VET.TO), and MEG Energy (MEG.TO) are down by 4% to 7%.
Within the technology sector, Celestica Inc (CLS.TO), Bitfarms (BITF.TO), Coveo Solutions (CVO.TO), BlackBerry (BB.TO), Constellation Software (CSU.TO), Converge Technology Solutions (CTS.TO), Shopify Inc (SHOP.TO), Tecsys Inc (TCS.TO), and Enghouse Systems (ENGH.TO) have decreased by 1.6% to 6%.
Consumer discretionary stocks including Brp Inc (DOO.TO), Aritzia Inc (ATZ.TO), Mty Food Group (MTY.TO), Spin Master Corp (TOY.TO), Linamar Corp (LNR.TO), Dollarama Inc (DOL.TO), and Magna International (MG.TO) have registered declines between 1.6% and 2.7%.
In corporate news, Colliers International Inc (CIGI.TO) announced that its subsidiary, Colliers Engineering & Design Australia, will acquire Pritchard Francis Consulting, a privately-held, multi-discipline engineering consulting firm based in Western Australia. Despite the announcement, the stock has dipped approximately 1%.
On the economic front, the S&P Global Canada Manufacturing PMI increased to 49.5 in August 2024 from 47.8 in July, indicating the mildest contraction in operating conditions since March, although it extends the downturn to 16 months.
