Canadian Market Up Slightly In Cautious Trade

(RTTNews) - After a flat start and a subsequent drop, the Canadian market moved into positive territory Thursday morning, led by gains in materials and communications sectors.

The mood remains cautious amid uncertainty about U.S.-China trade deal and easing prospects of he European Union arriving at a pact with the U.S. before the July 8 deadline. Middle East tensions also weigh on sentiment.

The benchmark S&P/TSX Composite Index was up 30.04 points or 0.11% at 26,554.20 about half an hour past noon.

Materials stocks are up thanks to firm metal prices. The Materials Capped Index is up nearly 1.5%. G Mining Ventures Corp, Lundin Gold and Torex Gold Resources are i[ 7.5%, 7% and 6.5%, respectively.

Oceanagold, K92 Mining, Barrick Mining Corp, Sandstorm Gold, Agnico Eagle Mines, B2Gold Corp and Hudbay Minerals are gaining 2 to 4%.

Communications shares BCE Inc and Rogers Communications are up 1.8% and 1.5%, respectively. Quebecor, Telus Corp and Cogeco Communications are up with modest gains.

A lack of specifics in the framework agreed to by U.S. and Chinese officials on Tuesday has raised uncertainty about the two nations reaching an agreement anytime soon.

Also, there is uncertainty about the European Union securing a deal before U.S. President Donald Trump's July 8 deadline for tariffs on imports from EU countries.

Meanwhile, the U.S. President expressed diminished confidence in reaching a nuclear deal with Iran, emphasizing that Iran must not acquire nuclear weapons.

There is more negative news on the geopolitical front, with the U.S. initiating a partial evacuation of its embassy in Iraq and authorizing voluntary departures from Bahrain and Kuwait, citing heightened security concerns.