The Canadian stock market is experiencing a downturn on Monday, with shares across multiple sectors succumbing to selling pressure as investors seek clear guidance amid uncertainty. Concerns are fueled by trade war anxieties stemming from U.S. President-elect Donald Trump's tariff pronouncements, ongoing geopolitical tensions, and ambiguity surrounding interest rate adjustments.
Notably, stocks in the consumer discretionary, technology, materials, consumer staples, communications, and industrial sectors are witnessing declines. Financial, utilities, and healthcare stocks also display weaknesses, whereas a few in the energy sector are experiencing notable gains.
The S&P/TSX Composite Index has declined by 196.67 points, or approximately 0.8%, standing at 24,599.73 shortly before noon.
According to data released by the Canadian Federation of Independent Business, the CFIB's Business Barometer—indicative of 12-month future business expectations in Canada—dropped to 56.4 in December, down from the upwardly revised figure of 59.8 in the previous month, which marked a peak since mid-2022.
Stocks such as Wheaton Precious Metals (WPM.TO), Cargojet (CJT.TO), Franco-Nevada Corporation (FNV.TO), Kinaxis Inc (KXS.TO), Dayforce (DAY.TO), Celestica Inc (CLS.TO), and Constellation Software (CSU.TO) have decreased by 1.7 to 2.5%. Additionally, shares of Shopify Inc (SHOP.TO), FirstService Corporation (FSV.TO), Colliers International (CIGI.TO), George Weston (WN.TO), Loblaw Companies (L.TO), and Canadian National Railway (CNR.TO) are conspicuously lower.
Conversely, Birchcliff Energy (BIR.TO) has surged by over 5%, and Tourmaline Oil Corp (TOU.TO) is up nearly 4%. Enerflex (EFX.TO), Advantage Energy (AAV.TO), Source Energy Services (SHLE.TO), Precision Drilling Corporation (PD.TO), Topaz Energy (TPZ.TO), and Arc Resources (ARX.TO) are observing increases between 1.4% and 4%.
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