Canadian Stocks Turning In Mixed Performance In Cautious Trade

(RTTNews) - Canadian stocks are turning in a mixed performance Monday morning with investors largely making cautious moves amid uncertainty about any meaningful progress in the reported efforts to discuss the terms of a potential 45-day ceasefire that could lead to a permanent end to the war in the Middle East.

Reuters reported that the U.S. and Iran are weighing the framework of a plan to end the five-week-old conflict but noted Tehran has pushed back against pressure to swiftly reopen the Strait of Hormuz.

A source aware of the proposals told Reuters the Pakistani-brokered plan calls for an immediate ceasefire, followed by negotiations on a broader peace settlement to be concluded within 15 to 20 days.

However, a senior Iranian official told Reuters that Iran won't reopen the Strait of Hormuz as part of a temporary ceasefire, nor would it accept deadlines or pressure to reach a deal.

In aTruth Social post Easter Sunday morning, U.S. President Donald Trump once again threatened to attack Iran's power plants and bridges unless the Strait of Hormuz is reopened by 8 pm ET on Tuesday.

The benchmark S&P/TSX Composite Index, which advanced to 33,229.61 in early trades, dropped to a low of 33,078.19. It was last see at 33,110.52, up 2.30 points or 0.01% from previous close.

Consumer discretionary, consumer staples, real estate and financials stocks are finding some support. Technology, materials and energy stocks are mostly subdued.

Extendicare is rising more than 4%. Wesdome Gold Mines, Chorus Aviation, Real Matters, New Flyer Industries, BlackBerry, Cineplex, Ballard Systems and Bombardier are gaining 2%-3.1%.

Spin Mater, Canadian Tire Corporation, Tilray, Boyd Services, Methanex, Air Canada, Premium Brands, and Canada Goose Holdings are among the other notable gainers.

Stella-Jones, Transcontinental, Celestica, Parex Resources, Birchcliff Energy, Endeavour Mining, Cameco, Advantage Oil & Gas, First Majestic Silver and Imperial Oil are down 1.6%-3%.

In economic news, data from S&P Global showed the S&P Global Canada Composite PMI recorded a score of 47.6 in March, up from 47.1 in February and remaining below the 50.0 no-change mark for a fifth straight month.

The Manufacturing PMI fell to 50.0 from 51.0, while services rose to 47.2 from 46.5.