Canadian Market Looks Headed For Weak Close

(RTTNews) - The Canadian market is down in negative territory Friday afternoon, weighed down by losses in technology, financials and materials sectors.

Worries about the impact of rising interest rates on global economic growth, and surging Covid cases in China are weighing on sentiment.

An escalation in Russia-Ukraine tensions appears to be hurting as well.

The benchmark S&P/TSX Composite Index is down 143.00 points or 0.73% at 19,342.89. The index has shed nearly 5% this year.

Shopify Inc (SHOP.TO) and Telus Corporation (T.TO) are down 2.1% and 1.7%, respectively, on huge volumes.

Brookfield Asset Management (BAM.TO) is down 3.7%. Magna International (MG.TO), Onex Corporation (ONEX.TO), Constellation Software (CSU.TO), Cargojet (CJT.TO), Canadian National Railway (CNR.TO), Royal Bank of Canada (RY.TO), West Fraser Timber (WFG.TO) and Canadian Pacific Railway (CP.TO) are down 1 to 2%.

Shaw Communications (SJR.B.TO) is soaring nearly 10% on huge volumes. Rogers Communications (RCI.B.TO) is rising 5.5%, while Athabasca Oil Corporation (ATH.TO), Tamarack Valley Energy (TVE.TO), Whitecap Resources (WCP.TO) and Baytex Energy Corp (BTE.TO) are up 2 to 4%.