India, July 29 -- The Canadian market's benchmark index S&P/TSX Composite Index remains firmly down in negative territory a little past noon on Wednesday, weighed down by losses in financials and materials sectors.
Energy stocks are up sharply thanks to higher oil prices. Communications sector stocks are among the other notable gainers.
The market's weakness is due to renewed concerns about inflation following a jump in oil prices due to an escalation in Middle East tensions. Joint strikes by the United States and Saudi Arabia on Iraq, targeting Iran-backed militias have raised concerns about a widening U.S.-Iran conflict. Investors are also awaiting the Federal Reserve's monetary policy announcement.
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