TSX Modestly Lower At Noon; Energy Stocks Move Higher

(RTTNews) - After a flat start and a subsequent fall to lower levels, the Canadian market recovered some lost ground Tuesday morning, but slipped again with stocks from consumer staples and materials sectors reeling under pressure.

Energy, technology and utilities stocks found support, while shares from the rest of the sectors turned in a mixed performance.

The mood remained cautious with investors looking ahead to the monetary policy announcements from the Bank of Canada and the Federal Reserve. Both the central banks are widely expected to hold their interest rates. The accompanying statements are eyed for clues about future policy moves by the banks.

The benchmark S&P/TSX Composite Index was down 116.89 points or 0.36% at 32,976.43 slightly before noon.

Energy stocks International Petroleum Corp. and Parex Resources climbed up 3.6% and 3.1%, respectively. Athabasca Oil Corp, Tamarack Valley Energy, Whitecap Resources, Advantage Oil & Gas, Cenovus Energy, Baytex Energy Corp and Paramount Resources gained 1.8 to 2.9%.

Technology stock Celestica jumped nearly 7%. Blackline Safety Corp., and Firan Technology Group gained 2.5% and 2.4%, respectively.

In the utilities section, TransAlta Corp. surged nearly 4.5%. Capital Power Corp and Brookfield Renewable Partners moved up 2.5% and 2.1%, respectively. Boralex and Algonquin Power & Utilities also posted strong gains.

Consumer staples stock Metro Inc. shed about 5.2%. Loblaw, Alimentation Couche-Tard, Premium Brands Holdings, Empire Company and George Weston lost 1 to 1.6%.

Among materials stocks, Aya Gold & Silver eased by about 6.3%. Endeavour Silver, Oceanagold, Silvercorp Metals, Pan American Silver Corp., Orla Mining, First Majestic Silver, Discovery Silver Corp and Seabridge Gold also declined sharply.

In economic news, data from Statistics Canada showed wholesale sales in Canada increased 2.1% in December, after declining by 1.8% a month earlier.