October 2, 2022

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Technology, Materials Shares Dragging Down Canadian Market

2 min read

The Canadian market is down in negative territory Wednesday morning, weighed down by losses in technology and materials sectors.

Shares from energy and healthcare sectors are up with strong gains, while consumer staples, financials and industrials shares are turning in a mixed performance.

Ahead of the release of the minutes of the Federal Reserve’s July meeting, the mood in the market is somewhat cautious.

The benchmark S&P/TSX Composite Index, which dropped to 20.147.20, is down 98.21 points or 0.5% at 20,171.76 nearly an hour before noon.

Hut 8 Mining Corp (HUT.TO) is plunging more than 10% on huge volumes. The counter has clocked a volume of more than 1.9 million shares so far in the session.

Lundin Mining Corporation (LUN.TO) is declining nearly 7%, Shopify Inc (SHOP.TO) is down 4.7% and B2Gold Corp (BTO.TO) is lower by about 2.5%. Barrick Gold Corporation (ABX.TO) is down 1.4%.

Canopy Growth Corp (WEED.TO) is soaring 8.7%. Baytex Energy (BTE.TO), Athabasca Oil Corp (ATH.TO), Tilray Brands (TLRY.TO), Aurora Cannabis (ACB.TO), Crescent Point Energy (CPG.TO) and Suncor Energy (SU.TO) are gaining 2.5 to 4%.

Cenovus Energy (CVE.TO), Canadian Natural Resources (CNQ.TO), Whitecap Resources (WCP.TO) and Tamarack Valley Energy (TVE.TO) are also sharply higher.

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2022-08-17 11:10:54

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