Canadian Market Slips After Recovering From Early Weakness

(RTTNews) - After opening on a weak note, the Canadian market recovered and moved into positive territory Monday morning, thanks to strong buying in energy and healthcare stocks. However, with stocks failing to find support at higher levels, the market subsequently slipped marginally into the red.

The benchmark S&P/TSX Composite Index, which climbed to 19,510.88 from an early low of 19,402.06, is down 14.59 points or 0.07% at 19,459.60 a little before noon.

The mood in the market is cautious with investors looking ahead to the Federal Reserve's monetary policy announcement, due on Wednesday. The Fed is widely expected to raise interest rates by another 75 basis points. The central bank's views on inflation and future rate hikes will be in focus as well.

The Health Care Capped Index is up more than 4.5%. Canopy Growth Corp (WEED.TO) is soaring more than 16%. Tilray Inc (TLRY.TO) is up 11.1% and Cronos Group (CRON.TO) is gaining 5.3%. Bausch Health Companies (BHC.TO) is up by about 1.7%.

The Energy Capped Index is rising 2.1%. Birchcliff Energy (BIR.TO), up 8%, is the biggest gainer in the index. Advantage Oil & Gas (AAV.TO), Peyto Exploration and Development Corp (PEY.TO) and Tamarack Valley Energy (TVE.TO) are up 4.5 to 6%.

Arc Resources (ARX.TO), Nuvista Energy (NVA.TO), Vermilion Energy (VET.TO), Crescent Point Energy (CPG.TO), Precision Drilling Energy (PD.TO), Cenovus Energy (CVE.TO) and Spartan Delta Corp (SDE.TO) are up 3 to 4%.

Cargojet (CJT.TO) shares are climbing nearly 6% after the company reported third-quarter net income of $83.4 million (net loss of $1.9 million excluding warrant valuation gain) compared to net loss of $12.9 million in 2021 (net income of $23.9 million excluding warrant valuation loss).

Capstone Copper Corp (CS.TO) is up 2.3%. The company posted adjusted net loss of $19.3 million, or $0.02 per share in the third quarter of this financial year. The company posted adjusted net income of $35.3 million or $0.09 per share in the year-ago quarter.