FX.co ★ TSX Down In Negative Territory As Energy, Materials Shares Lose Ground

The Canadian market, which commenced Wednesday's trading on a weak note, remains mired in negative territory, primarily due to declines in the materials and energy sectors linked to lower commodity prices.

Conversely, technology stocks are seeing significant support, with some gains also observed in the utilities and industrials sectors.

Investors are closely monitoring the minutes from the Federal Reserve's latest meeting for insights into the future direction of interest rates.

The benchmark S&P/TSX Composite Index has decreased by 72.08 points, or 0.32%, to 22,396.08, as of approximately a quarter before noon.

The Materials Capped Index has dropped 2.22%. Notable declines within this sector include Iamgold Corp (IMG.TO), down more than 9%, and Hudbay Minerals (HBM.TO), down 8.1%. Other significant decliners include New Gold (NGD.TO), Lundin Mining Corp (LUN.TO), Capstone Mining (CS.TO), Centerra Gold (CG.TO), Wesdome Gold Mines (WDO.TO), Teck Resources (TECK.B.TO), Ero Copper (ERO.TO), First Quantum Minerals (FM.TO), Ivanhoe Mines (IVN.TO), and Torex Gold Resources (TXG.TO), all posting declines between 4% and 6.5%.

The Energy Capped Index is down 1.47%. Among the notable losers in this sector, International Petroleum Corp (IPCO.TO) is down 3.4%. Canadian Natural Resources (CNQ.TO), Peyto Exploration (PEY.TO), Kelt Exploration (KEL.TO), Tamarack Valley Energy (TVE.TO), Vermilion Energy (VET.TO), and Baytex Energy (BTE.TO) are all experiencing declines of 2% to 2.5%.

On a brighter note, the Information Technology Capped Index is up 1.25%. Bitfarms Inc (BITF.TO) is leading the gains with a surge of more than 8%. Hut 8 Corp (HUT.TO) is up 4%, while Celestica Inc (CLS.TO), Computer Modelling Group (CMG.TO), BlackBerry (BB.TO), and Descartes Systems Group (DSG.TO) are advancing between 1% and 2.3%.