Canadian Market Up Marginally In Cautious Trade

(RTTNews) - After opening on a positive note Friday morning, the Canadian stock market pared gains and dropped to around its previous closing level, dragged down by losses in healthcare, energy and materials shares.

Financial and industrial shares moved higher before giving up some gains. A few stocks from information technology section too saw a firm start.

Investors are largely making cautious moves, reacting to results and tracking news about coronavirus cases and the progress in U.S. stimulus talks.

The benchmark S&P/TSX Composite Index, which advanced to 16,334.83 in opening trades, dropped to a low of 16,260.97 before recovering to 16,290.59, netting a marginal gain of 15.23 points or 0.1%.

Among the most actively traded stocks, Corus Entertainment (CJR.B.TO) is up more than 7%, extending gains from previous session. Chorus Aviation (CHR.TO) is rising 5.5%.

while Teck Resources (TECK.B.TO), Bank of Nova Scotia (BNS.TO), Bombardier Inc. (BBD.B.TO), Suncor Energy (SU.TO), Vermilion Energy (VET.TO), Baytex Energy (BTE.TO) and Manulife Financial Corporation (MFC.TO) are up 1 to 1.7%.

Kinross Gold Corporation (K.TO) is declining 2.2%, Aphria Inc. (APHA.TO) is down 1.6%. Royal Bank of Canada (RY.TO) and Barrick Gold Corporation (ABX.TO) are down with moderate losses.

TransAlta Renewables Inc. (RNW.TO) announced today that Southern Cross Energy has amended and extended its current power purchase agreement with BHP Billiton Nickel West Pty Ltd in respect of SCE's 245 MW of generation facilities in the Goldfields region of Western Australia. The stock is up by about 0.3%.

Canfor Pulp Products Inc. (CFX.TO) shares are down by about 3% after the company reported net loss of $18 million or $0.28 per share for the third quarter of this financial year, compared to net loss of $32.4 million or $0.50 per share a year ago.

SNC-Lavalin (SNC.TO) announced that it has been selected as prime consultant under a US$20 million, five-year Indefinite Delivery Indefinite Quantity (IDIQ) contract to provide corridor planning and development services for the Texas Department of Transportation. The stock is hovering around its previous close after showing some weakness early on.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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