The Canadian market experienced a rocky start with an initial decline to lower levels on Tuesday morning. While some ground was regained by noon, the market remained in negative territory due to losses in the energy, materials, and healthcare sectors.Investors are closely monitoring the quarterly earnings reports from the Bank of Montreal (BMO) and the Bank of Nova Scotia (BNS.TO).The benchmark S&P/TSX Composite Index, which had dropped to 23,185.74, was down by 84.53 points or 0.36%, sitting at 23,264.44 just before noon.Shares of the Bank of Montreal (BMO.TO) fell nearly 6.5%. The bank reported a net income of $1,865 million for the third quarter of this financial year, up from $1,565 million a year earlier. However, adjusted net income decreased to $1,981 million from $2,148 million in the same quarter last year.Conversely, shares of the Bank of Nova Scotia (BNS.TO) rose about 1.7%. The bank disclosed a third-quarter net income of $1,912 million, down from $2,192 million a year ago. The adjusted net income for the third quarter was $2,191 million, slightly down from $2,207 million the previous year.In the energy sector, International Petroleum Corp (IPCO.TO) saw its shares decline by 4.2%. Other energy stocks including Precision Drilling Corp (PD.TO), Kelt Exploration (KEL.TO), Birchcliff Energy (BIR.TO), CES Energy Solutions (CEU.TO), MEG Energy Corp (MEG.TO), Suncor Energy (SU.TO), and Nuvista Energy (NU.TO) were down between 1.7% and 2.3%.Africa Oil Corp (AOI.TO) dropped nearly 3%. The company has entered into a call and put option agreement with three shareholders in Impact Oil and Gas Limited to acquire a 7.0% interest. If exercised, this will increase Africa Oil’s stake in Impact to 39.5%.In the materials sector, Interfor Corp (IFP.TO), Novagold (NG.TO), Equinox Gold Corp (EQX.TO), Canfor Corp (CFP.TO), SSR Mining (SSRM.TO), Osisko Gold Royalties (OR.TO), and B2Gold Corp (BTO.TO) saw declines ranging from 1.7% to 3.2%.Among healthcare stocks, Tilray Inc (TLRY.TO) fell by nearly 6%, while Bausch Health Companies (BHC.TO) also traded lower but more modestly.On the economic front, Statistics Canada reported that wholesale sales in the country fell by 1.1% month-over-month in July, following a 0.6% decline in June, according to preliminary estimates.The material has been provided by InstaForex Company – www.instaforex.com
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