Canadian Market Recovers After Weak Start; TSX Up Marginally

(RTTNews) - Canadian stocks are turning in a mixed performance a little past noon on Friday after recovering from an early setback. Investors appear to be making cautious moves after eight straight days of gains that saw the market climb to a new record high on Thursday.

Healthcare stocks are faring well, while materials are exhibiting weakness. Shares from rest of the sectors are mixed.

Although trade tensions have eased, there is still some uncertainty about the U.S. and China eventually drawing up an amicable tariff plan.

The benchmark S&P/TSX Composite Index, which dropped to 25,834.01 in early trades, was up 31.31 points or 0.12% at 25,928.79 about a quarter past noon.

Among the gainers, MEG Energy is soaring nearly 17%. The stock is up following Calgary-Alberta based Strathcona Resources announcing a cash-and-stock bid to acquire the oil sands producer.

Athabasca Oil Corp is up 8.5% and Tilray is rising 6.5%. TerraVest Industries is up 4.3%, while Spin Master Corp, ARC Resources, Jamieson Wellness, Trisura, Baytex Energy Corp, Kelt Exploration, Canadian Tire Corporation, Cargojet, Stantec and Gildan Activewear are gaining 2 to 3%.

Capstone Mining, Ero Copper, Aya Gold & Silver, Endeavour Silver, Denison Mines, Hudbay Minerals, Ivanhoe Mines, Teck Resources, Lundin Mining, Seabridge Gold and First Quantum Minerals are down 3 to 5%.

Fresnillo Plc, a Mexican precious metals miner, said on Friday that it has sold its stake in MAG Silver Corp. (MAG.TO) following the announcement of the deal that Pan American Silver Corp. (PAAS.TO) is set to buy MAG Silver.

Fresnillo had earlier acquired its stake in MAG Silver to support the strong partnership at Juanicipio, a silver mine, where Fresnillo is the operator and majority owner. Shares of MAG Silver are down 1.7%, while Pan American Silver Corp is declining 0.8%.

Data from Statistics Canada showed Canadian investors acquired C$15.6 billion in foreign securities in March, while foreign investors continued to reduce their exposure to Canadian assets, divesting C$4.2 billion during the same period.