FX.co ★ Canadian Market Notably Lower As Technology, Materials Shares Decline Sharply

The Canadian market experienced a downturn on Wednesday, suffering losses primarily in the technology and materials sectors. The decline follows a profit warning issued by Dutch semiconductor company ASML.

As of recently, the S&P/TSX Composite Index fell by 153.70 points, or 0.67%, registering at 22,841.69.

The Information Technology Capped Index dropped nearly 3%, with notable declines in key technology stocks. Celestica Inc. (CLS.TO) fell by over 8%, Shopify Inc. (SHOP.TO) decreased by 7.3%, and Converge Technology Solutions (CTS.TO) dropped by 6%. Other technology companies including Coveo Solutions (CVO.TO), Descartes Systems Group (DSG.TO), Tecsys Inc. (TCS.TO), Docebo Inc. (DCBO.TO), and Lightspeed Commerce (LSPD.TO) also recorded losses ranging from 2% to 5%.

BlackBerry (BB.TO) shares declined by approximately 1.1%. The company announced the launch of CylanceMDR Pro, an advanced managed detection and response (MDR) service built on an Open XDR platform powered by artificial intelligence. CylanceMDR Pro will be available starting July 31.

In the materials sector, Aya Gold & Silver Inc. (AYA.TO) saw a sharp decline of over 6%. Other significant losses were observed in Equinox Gold Corp (EQX.TO), Fortuna Silver Mines (FVI.TO), Ero Copper Corp (ERO.TO), Silvercrest Metals (SIL.TO), New Gold (NGD.TO), First Majestic Silver Corp (AG.TO), and Lundin Mining Corp (LUN.TO), with shares falling between 3% and 4.5%.