Canadian Market Slightly Higher In Cautious Trade
(RTTNews) - After a a weak start and a subsequent recovery, the Canadian market slipped into negative territory Tuesday morning, but edged higher again and was trading modestly higher about a couple of hours past noon.
The benchmark S&P/TSX Composite Index was up 50.34 points or 0.19% at 26,439.30 a little while ago. The index had dropped to 26,305.14 earlier in the session.
Energy, utilities, healthcare and consumer discretionary stocks figure among the prominent gainers. Consumer staples and communications stocks are weak.
The early weakness was due to the uncertainty surrounding Trump's tariff moves, the wildfires in Canada's key oil-producing Alberta region, and downward revisions in Canadian and global growth forecast by The Organization for Economic Co-operation and Development (OECD).
The OECD revised down its outlook for Canada's growth, trimming its estimates from March for growth of 3.1% this year and 3% next year. The global economy is on course to slow from 3.3% last year to 2.9% in 2025 and 2026, it said.
Energy Fuels Inc. shares are soaring more than 14% and Algonquin Power is zooming 13.2%. Denison Mines is up 9.5% and Precision Drilling is gaining 6.5%.
NexGen Energy, ATS Corporation, Ngex Minerals, TransAlta Corp., Brookfield Renewable, Enerflex, Baytex Energy, CES Energy, Cargojet, Advantage Oil & Gas, Lightspeed Commerce, Paramount Resources, Northland Power and Celestica are up 3.5 to 6%.
CAE Inc., Winpak, Loblaw Companies, Altus Group, Ivanhoe Mines, CCL Industries, North West Co., CGI Inc., Agnico Eagle Mines and SSRMining are down 1.5 to 2.7%.
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