TSX Down As Materials Stocks Tumble Again, Looks Set For Another Weekly Loss

(RTTNews) - The Canadian market is notably lower around noon on Friday, pushed down by sharp losses in materials, technology and consumer durables sectors.

Amid concerns about escalating tensions in the Middle East and prospects of monetary tightening by major central banks, the mood in the market is bearish once again, and the market looks on well on course to record its third straight weekly loss.

Oil prices moderated earlier in the day in response to the efforts by the U.S. and Israel to ease concerns about ongoing fuel supply issues.

Israeli Prime Minister Benjamin Netanyahu said U.S. President Donald Trump had requested that there be no further attacks on the Iranian gas field. To increase oil supply and bring down energy prices, U.S. officials said Washington may soon lift sanctions on Iranian oil stranded in tankers.

However, oil prices climbed higher subsequently on reports the U.S. President is mulling a forced takeover of Iran's Kharg Island.

The benchmark S&P/TSX Composite Index, which tumbled to 31,395.36 earlier, was down 361.31 points or 1.14% at 31,491.67 a few minutes before noon.

Energy stocks are finding some support as oil prices recovered after a weak start today, while materials stocks have tumbled following gold and silver prices turning weak after an early upmove.

West Texas Intermediate crude oil futures are up $1.50 or 1.54% at $97.64 a barrel. Gold futures are down $55.00 or 1.17% at $4.550.70 an ounce, while Silver futures are down $2.250 or 3.16% at $68.965 an ounce.

The Materials Capped Index is down 2.7%. Lithium Americas Corp is down 5.7%. Teck Resources, B2Gold Corp., Endeavour Silver, Perpetua Resources, OR Royalties, Centerra Gold, Iamgold Corp., Equinox Gold, Wheaton Precious Metals, Kinross Gold, Silvercorp Metals and Fanco-Nevada Corporation are down 2.7%-4.3%.

Technology stocks Celestica and Firan Technology Group are down 4.5% and 3.1%, respectively. Shopify, BlackBerry, Docebo, Descartes Systems Group are down with sharp to moderate losses.

Consumer discretionary stocks Magna International, Canadian Tire Corporation, Linamar Corp., Dollarama, Restaurant Brands International and Brp Inc. are down 1%-2%.

In the financial space, Brookfield Corporation, Toronto-Dominion Bank, Bank of Montreal, Canadian Imperial Bank of Commerce, Bank of Nova Scotia and National Bank of Canada are down 1%-2%.

Energy stocks Paramount Resources, Tamarack Valley Energy, Ces Energy Solutions, Arc Resources, Suncor Energy, Tourmaline Oil Corp., and Cenovus Energy are gaining 1%-2.3%.

In economic news, data from Statistics Canada showed Canadian Industrial Product Price Index rose 0.4% in February over the previous month, and surged 5.4% Year-Over-Year.

A separate data from Statistics Canada showed Canadian Retail sales likely increased by 0.9% in February from a month earlier, according to a preliminary estimate. If confirmed, that would extend the 1.1% increase in January to C$69.7 billion, which was revised lower from the 1.5% estimate.