(RTTNews) - Canadian stocks turned in a mixed performance Friday morning in cautious trading with many traders still away on the sidelines after recent holidays. Due to a lack of major economic data or corporate news, several stocks swung between gains and losses.
Materials stocks turned weak after gold prices retreated. Healthcare, consumer discretionary, utilities and industrials stocks found some support. Technology and energy stocks were mostly subdued.
The benchmark S&P/TSX Composite Index was up 1.44 points at 31,714.20 a few minutes before noon. Earlier, after climbing to a high of 31,882.97, the index had dropped to 31,688.17.
Bitfarms zoomed nearly 12% after the company agreed to sell its 70-megawatt site in Paraguay to Sympatheia Power Fund for up to $30 million as part of its strategy to focus on North American power assets.
Shares of uranium company Denison surged 11.8%. The company announced today that it is ready to begin constructing its uranium mine in Saskatchewan as soon as it receives final government approvals.
Hut 8 Corp. soared 11.5%. Energy Fuels surged 10.7% and NexGen Energy moved up 9.8%, while Canfor Corporation, Galaxy Digital, Cameco Corporation and Tilray Brands surged 6.5 to 8%.
Celestica, goeasy, Brookfield Renewable Corporation, West Fraser Timber, Bombardier, MDA Space, TFI International, AtkinsRealis, ATS Corporation, Magna International and Brookfield Business Partners moved up 2 to 3.4%.
Among losers, Endeavour Silver Corp, G Mining Ventures, First Majestic Silver, Fortuna Mining Corp., Wesdome Gold Mines, Aris Mining Corporation, SSR Mining, Equinox Gold Corp., Lundin Gold, Endeavour Mining, Iamgold Corp., Centerra Gold, Orla Mining, Eldorado Corporation and Torex Gold Resources lost 3 to 6.5%.
On the economic front, manufacturing PMI in Canada increased to 48.6 points in December from 48.4 points in November, data from S&P Global showed.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
