Canadian Market Down Marginally In Cautious Trade
(RTTNews) - Canadian shares are swinging between gains and losses Monday morning with investors making cautious moves as they continue to track news about U.S. fiscal stimulus talks and amid persisting worries about surging coronavirus cases.
Healthcare stocks are moving up sharply. Energy, information technology and consumer discretionary shares are also finding some support, while financial, materials and industrial shares are turning in a mixed performance.
The benchmark S&P/TSX Composite Index is down 12.85 points or 0.08% at 16,425.90.
Aurora Cannabis Inc. (ACB.TO) shares is soaring nearly 8%. Canopy Growth Corp (WEED.TO) is surging up 5% and Cronos Group (CRON.TO) is gaining 4%. Knight Therapeutics (GUD.TO) and Aphria Inc. (APHA.TO) are up 2.3% and 1.5%, respectively. Aurinia Pharmaceuticals (AUP.TO) is gaining 1.2% and Bausch Health Companies (BHC.TO) is rising nearly 1%.
In the technology space, Quarterhill Inc. (QTRH.TO) shares are up 8%. Sierra Wireless (SW.TO) and Absolute Software (ABT.TO) are gaining 3.5% and 3.3%, respectively. Descartes Systems Group (DSG.TO), BlackBerry (BB.TO), Celestica Inc. (CLS.TO) and Kinaxis Inc. (KXS.TO) are also up with strong gains.
Energy stocks Vermilion Energy (VET.TO), Husky Energy (HSE.TO), Imperial Oil (IMO.TO) and Cenovus Energy (CVE.TO) are up 2 to 2.7%. Enerplus Corp (ERF.TO), Crescent Point Energy (CPG.TO), Suncor Energy (SU.TO) and Whitecap Resources (WCP.TO) are gaining 1 to 1.6%.
Among other gainers, Air Canada (AC.TO) is up nearly 4.5%, Canadian Tire Corporation (CTC.A.TO) is rising 2%, Maxar Technolgies (MAXR.TO) is climbing 7%, Auto Canada (ACQ.TO) is up 8.5% and Spin Master Corp (TOY.TO) is gaining 13%.
Cogeco Communications (CCA.TO) is down 2.8% and Cogeco Inc. (CGO.TO) is down 1.3%. Cogeco Inc's top investor Gestion Audem has rejected Altice USA Inc's C$11.1 billion or $8.43 billion revised buyout offer for Cogeco. Gestion Audem holds 69% of all voting rights of Cogeco Inc., which in turn controls 82.9% of all voting rights of Cogeco Communications Inc.
Restaurant Brands International (QSR.TO) is down nearly 3%, Bank of Montreal (BMO.TO) is declining 1.4%, Kirkland Lake Gold (KL.TO) is down 1.2% and Docebo Inc. (DCBO.TO) is down 1.3%.
On the economic front, data from Statistics Canada showed manufacturing sales in Canada slumped 2% over a month earlier to C$ 52.4 billion in August, following an upwardly revised 7.2% rise in July. It was the first decline in manufacturing sales after three consecutive months of strong increases.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.