Canadian Market Down Marginally In Cautious Trade

(RTTNews) - The Canadian market is down in negative territory a little before noon on Monday, with investors largely staying cautious as they await some key economic data and corporate earnings updates this week.

Data showing a less than expected GDP growth in China appears to be weighing a bit.

Utilities, materials and energy stocks are among the notable losers. Healthcare stocks are finding support. Shares from most of the sectors are turning in a mixed performance.

The benchmark S&P/TSX Composite Index is down 28.77 points or 0.14% at 20,233.30.

Bausch Health Companies (BHC.TO) is rising 8.5%. Molson Coors Canada Inc (TPX.B.TO), Nuvei Corporation (NVEI.TO), Bombardier Inc (BBD.B.TO), Stella-Jones (SJ.TO) and Precision Drilling Corp (PD.TO) are up 2 to 4%.

Hut 8 Mining Corp. (HUT.TO) shares are down 4%. The company announced today that it will combine with U.S. Data Mining Group, Inc. dba US Bitcoin Corp in an all-stock merger of equals. The financial aspects of the deal are not revealed. The combined company will be named Hut 8 Corp. and will be a U.S.-domiciled entity.

Parex Resources (PXT.TO) shares are down more than 6% after the company announced that it has abandoned one of its wells at a Colombia project after tests confirmed no economic hydrocarbons at the site.

Cogeco Communications (CCA.TO), Cogeco Inc (CGO.TO), Imperial Oil (IMO.TO) and Fortis (FTS.TO) are down 1 to 1.7%.

On the economic front, wholesale sales in Canada rose 3.5% month-over-month in May 2023, after a 1.4% drop in April, final data from Statistics Canada showed.

A separate data from Statistics Canada showed car registrations in Canada increased to 165,568 Units in May from 148,815 Units in April of 2023.