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Canadian Market Recovers After Weak Start; TSX Modestly Higher
(RTTNews) - After opening with a negative gap and falling further in early trades, the Canadian market emerged into positive territory on Monday, led by gains in consumer staples, energy, communications and consumer discretionary sectors.
The market started off on a weak note amid fears U.S. President Donald Trump's economic policies and possible retaliatory actions by targeted countries will fuel inflation, keep interest rates higher and drag down global economic growth.
The benchmark S&P/TSX Composite Index, which tumbled to 24,534.35, losing about 225 points, was up 56.47 points or 0.23% at 24,815.62 at noon.
North West Company shares are up more than 5%. Restaurant Brands International is gaining 4% and Precision Drilling Corporation is up 3.25%.
Molson Coors Canada, Empire Company, Cogeco, Loblaw Companies, Metro Inc., George Weston, Intact Financial Corporation, Cogeco Communications, RB Global, Imperial Oil, Great-West Lifeco and ATCO are up 2 to 3%.
SSR Mining Inc shares are plunging nearly 10%. Ivanhoe Minies, Dye & Durham, Celestica, Canada Goose Holdings, Teck Resources, E-L-Financial, Chorus Aviation, First Quantum Minerals, Shopify Inc., AutoCanada and BCE Inc are declining 2 to 5%.
BlackBerry, Lightspeed Commerce and Descartes Systems Group are also notably lower.
Westport Fuel Systems Inc shares are down more than 3%. The company announced that it has entered into a binding agreement to sell its interest in Westport Fuel Systems Italia S.r.l., which includes the Light-Duty segment, for a base purchase price of $73.1 million.
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