The Canadian market experienced a significant downturn around noon on Tuesday, with stocks plummeting as investors sold off across the board. This follows Monday’s global sell-off, which Canadian investors observed without trading due to the Civic Day holiday.Global markets saw a marked decline on Monday, driven by escalating fears of a potential recession in the U.S. and rising geopolitical tensions in the Middle East.Sectors such as materials, healthcare, technology, consumer discretionary, and financials are leading the losses today. Moreover, consumer staples, industrials, utilities, and energy stocks are also predominantly in negative territory.The S&P/TSX Composite Index fell sharply to 21,659.26, losing nearly 570 points. A few minutes post-noon, it stands at 21,912.03, down 315.60 points or 1.42%.Notable declines include Pollard Banknote Limited (PBL.TO), which is down nearly 30%, and Wheaton Precious Metals (WPM.TO), down 5.5%. Other significant decliners include Franco-Nevada Corporation (FNV.TO), Precision Drilling Corporation (PD.TO), CGI Inc. (GIB.A.TO), Constellation Software (CSU.TO), goeasy (GSY.TO), Colliers International (CIGI.TO), Boyd Group Services (BYD.TO), WSP Global (WSP.TO), and Fairfax Financial Holdings (FFH.TO), all down between 2.3% and 4.5%.Conversely, Canadian Tire Corporation (CTC.TO) and Cipher Pharmaceuticals (CPH.TO) have risen by 8.4% and 8%, respectively. Quebecor (QBR.A.TO) is up 6%, while Molson Coors Canada Inc. (TPX.B.TO) has gained 5.3%.Bombardier Inc. (BBD.A.TO), Celestica Inc. (CLS.TO), TFI International (TFII.TO), and Restaurant Brands International (QSR.TO) are showing gains of 1% to 1.5%.RB Global Inc. (RBA.TO) has experienced a nearly 2% increase. The company reported a net income of $100.7 million for the second quarter, an increase of 30% compared to the same period last year.Nuvei Corp. (NVEI), a Canadian financial technology firm, announced an agreement to acquire Pay2All Instituiçao de Pagamento Ltda, a licensed payment institution authorized by the Central Bank of Brazil. Financial details of the deal were not disclosed. Nuvei’s stock is down 0.6%.AtkinsRealis Group (ATRL.TO) has secured a US$65 million contract to provide professional and engineering services to the Miami-Dade Department of Solid Waste Management for a new state-of-the-art waste-to-energy (WTE) plant. Despite this, the stock is down about 1%.On the economic front, Statistics Canada data showed Canada recorded a trade surplus of C$640 million in June. Exports rose to C$66.65 billion, while imports increased to C$66.01 billion.The S&P Global Canada Composite PMI declined to 47.0 in July 2024 from 47.5 in June, reflecting a sharper contraction in private sector output and marking the lowest reading since March.Additionally, the S&P Global Canada Services PMI fell to 47.3 in July 2024, following a 47.1 reading in June, indicating a continued contraction in Canada’s services sector for the second consecutive month, albeit at a slower pace.The material has been provided by InstaForex Company – www.instaforex.com
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