Canadian shares are down in negative territory on Thursday, weighed down by concerns about tensions in the Middle East, and data showing another contraction in Canadian services sector activity. Gains in energy stocks thanks to higher oil prices, help limit the markets downside.
Shares from real estate, materials, consumer discretionary and utilities sectors are notably lower. Stocks from the rest of the sectors are turning in a mixed performance.
The benchmark S&P/TSX Composite Index is down 48.45 points or 0.2% at 23,953.10 a few minutes past noon.
Data from S&P Global said the Canada Composite PMI dropped to 47.0 in September, from 47.8 in August, marking a deeper contraction in private sector activity for the fourth consecutive month. The S&P Global Canada Services PMI fell to 46.4 in September, down from 47.8 in August, and marking the fourth consecutive month of decline.
Energy stocks Tamarack Valley Energy (TVE.TO), Baytex Energy (BTE.TO), MEG Energy Corp (MEG.TO), Paramount Resources (POU.TO), Arc Resources (ARX.TO), Kelt Exploration (KEL.TO), Ces Energy (CEU.TO), Imperial Oil (IMO.TO), Tourmaline Oil Corp (TOU.TO) and Parex Resources (PXT.TO) are gaining 2 to 3.4%.
Real estate stocks Riocan Real Estate (REI.UN.TO), H&R Real Estate (HR.UN.TO), Primaris (PMZ.UN.TO) and First Capital REIT Units (FCR.UN.TO) are down 2 to 3%.
Novagold (NG.TO), plunging more than 11%, is the biggest loser in the Materials Capped Index. Equinox Gold Corp (EQX.TO) is down 4.4%, while Ero Copper (ERO.TO), Iamgold Corp (IMG.TO), Lundin Mining Corp (LUN.TO), Ivanhoe Mines (IVN.TO) and First Quantum Minerals (FM.TO) are declining 3 to 4.5%.
Consumer discretionary stocks Restaurant Brands International (QSR.TO) and Magna International (MG.TO) are down 2.3% and 2.1%, respectively. Mty Food Group (MTY.TO) is declining by about 1.4%.