Canadian Stocks Modestly Higher After Slightly Volatile Start
(RTTNews) - The Canadian stock market is up in positive territory a little past noon on Monday, after opening on a slightly sluggish note. Information technology and materials shares are contributing to market's strength.
Telecom, consumer discretionary and utilities shares are mostly lower. Financial, healthcare and energy stocks are also exhibiting weakness, while industrial and consumer staples shares are mixed.
The mood is very cautious amid continued concerns about the surge in coronavirus cases and on optimism about fresh stimulus from global central banks and governments.
The benchmark S&P/TSX Composite Index, which edged down to 16,112.27 in early trades, rose to 16,182.70 subsequently before paring some gains. At a little past noon, the index is up 31.02 points or 0.2% at 16,154.50
Shopify Inc. (SHOP.TO), up nearly 6%, is the top gainer in the Capped Information Technology index, which is up more than 2.3%. Kinaxis Inc. (KXS.TO) is gaining about 5%, while BlackBerry (BB.TO) is rising 2.75%.
Lightspeed (LSPD.TO), Sierra Wireless (SW.TO), Descartes Systems Group (DSG.TO), Open Text Corp (OTEX.TO), Enghouse Systems (ENGH.TO) and Absolute Software (ABS.TO) are up 2 to 2.5%.
In the materials space, Pan American Silver Corp (PAAS.TO) is up nearly 4%. The Company said it is moving its Huaron and Morococha operations in Peru into care and maintenance in response to several workers at the mines recently testing positive for COVID-19.
Silvercrest Metals (SIL.TO) is soaring almost 10%. Oceanagold (OGC.TO), First Majestic Silver (FR.TO), Silvercorp Metals (SVM.TO), MAG Silver (MAG.TO), Torex Gold (TXG.TO) and Semafo (SMF.TO) are up 4 to 6%.
B2Gold (BTO.TO), Lundin Gold (LUG.TO), Hudbay Minerals (HBM.TO), Alamos Gold (AGI.TO), Kinross Gold (K.TO), Ssr Mining (SSRM.TO), Kirkland Lake Gold (KL.TO) and Eldorado Gold (ELD.TO) are also up sharply.
Husky Energy (HSE.TO), Enerplus Corp (ERF.TO), MEG Energy (MEG.TO) and Arc Resources (ARX.TO) are down 1 to 2%.
Cogeco (CGO.TO), Canadian Tire Corporation (CTC.A.TO), Restaurant Brands International (QSR.TO), BRP Inc. (DOO.TO) and Royal Bank of Canada (RY.TO) are down 1 to 4%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.