Canadian Market Down Sharply As Stocks Tumble On Growth Worries

(RTTNews) - The Canadian stock market is down sharply Monday afternoon with investors pressing sales across the board amid rising concerns about slowing global growth.

The market is also looking ahead to the Federal Reserve's monetary policy meeting. The Fed is widely expected to leave monetary policy unchanged but could address the outlook for its asset purchase program.

Healthcare, energy, financial, information technology, consumer discretionary and industrial shares are down sharply. Several stocks from materials and real estate sections are also reeling under severe selling pressure.

The benchmark S&P/TSX Composite Index is down 446.22 points or 2.2% at 20,044.14, a one-month low.

The Capped Healthcare Index is down 4.56%. Tilray Inc (TLRY.TO), Aurora Cannabis (ACB.TO) and Canopy Growth Corp (WEED.TO) are down 6 to 6.7%. Cronos Group (CRON.TO) and Bausch Health Companies (BHC.TO) are lower by 3.4% and 3.2%, respectively.

The Capped Energy Index is down 3.3%. MEG Energy (MEG.TO), Enerplus Corp (ERF.TO), Whitecap Resources (WCP.TO), Vermilion Energy (VET.TO), Canadian Natural Resources (CNQ.TO), Suncor Energy (SU.TO) and Cenovus Energy (CVE.TO) are declining 3 to 5.2%.

Lithium Americas Corp (LAC.TO), down 12.5%, is the most prominent loser in the materials index. Ero Copper (ERO.TO) is plunging more than 9%, while Stelco Holdings (STLC.TO), First Quantum Minerals (FM.TO), Capston Mining Corp (CS.TO) and Hudbay Minerals (HBM.TO) are lower by 6 to 7.4%.

Among the stocks in the information technology index, Hut 8 Mining Corp (HUT.TO) is plunging more than 13%. BlackBerry (BB.TO) is down 5.6%, while Absolute Software (ABST.TO), Celestica Inc (CLS.TO) and Nuvei Corp (NVEI.TO) are lower by 3.7 to 4.2%.