Canadian Market Drifting Lower; Cannabis Shares PlummetPosted by On


After edging up slightly at the start, the Canadian stock market tumbled Thursday morning, as cannabis shares plunged on heavy selling. Materials and technology stocks also drifted lower.

Profit taking is dragging down the market, which saw an eight-session winning streak amid rising optimism about swifter global economic recovery on hopes of additional stimulus in the U.S., greater momentum in vaccination drive and higher crude oil prices.

The benchmark S&P/TSX Composite Index was down 92.70 points or 0.5% at 18,365.09 about half-an-hour past noon.

Cannabis stocks, which hogged the limelight in most of the recent sessions, are down sharply on profit taking. The Capped Healthcare Index is down as much 16%. Aphria Inc. (APHA.TO) is down nearly 28%, Canopy Growth Corp (WEED.TO) is sliding 21% and Cronos Group (CRON.TO) is down 20%, while Aurora Cannabis (ACB.TO) is down with a loss of 19%.

Among the stocks in the materials section, Methanex Corp (MX.TO), Torex Gold Resources (TXG.TO), Novagold (NG.TO), West Fraser Timber (WFT.TO) and New Gold (NGD.TO) are down 2 to 3%.

Technology stock BlackBerry (BB.TO) is down by about 6%. Celestica Inc. (CLS.TO) is down 3.7%, while Kinaxis Inc. (KXS.TO), Open Text Corp (OTEX.TO) and Sierra Wireless (SW.TO) are down 1 to 2%.

Bombardier (BBD_B.TO) shares are down more than 11%. The company reported net loss of US$423 million or US$0.18 per share…

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After edging up slightly at the start, the Canadian stock market tumbled Thursday morning, as cannabis shares plunged on heavy selling. Materials and technology stocks also drifted lower.

Profit taking is dragging down the market, which saw an eight-session winning streak amid rising optimism about swifter global economic recovery on hopes of additional stimulus in the U.S., greater momentum in vaccination drive and higher crude oil prices.

The benchmark S&P/TSX Composite Index was down 92.70 points or 0.5% at 18,365.09 about half-an-hour past noon.

Cannabis stocks, which hogged the limelight in most of the recent sessions, are down sharply on profit taking. The Capped Healthcare Index is down as much 16%. Aphria Inc. (APHA.TO) is down nearly 28%, Canopy Growth Corp (WEED.TO) is sliding 21% and Cronos Group (CRON.TO) is down 20%, while Aurora Cannabis (ACB.TO) is down with a loss of 19%.

Among the stocks in the materials section, Methanex Corp (MX.TO), Torex Gold Resources (TXG.TO), Novagold (NG.TO), West Fraser Timber (WFT.TO) and New Gold (NGD.TO) are down 2 to 3%.

Technology stock BlackBerry (BB.TO) is down by about 6%. Celestica Inc. (CLS.TO) is down 3.7%, while Kinaxis Inc. (KXS.TO), Open Text Corp (OTEX.TO) and Sierra Wireless (SW.TO) are down 1 to 2%.

Bombardier (BBD_B.TO) shares are down more than 11%. The company reported net loss of US$423 million or US$0.18 per share…



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