Canadian Market Remains In Negative Territory After Weak Start

(RTTNews) - After opening notably lower and drifting further down, Canadian stocks have regained some lost ground thanks to selective buying at lower levels at a few frontline counters.

The mood remains quite cautious with investors awaiting key U.S. inflation data due on Wednesday. Weak Chinese trade data is weighing as well.

The benchmark S&P/TSX Composite Index, which dropped to 20,455.52 in early trades, losing about 130 points, is down 41.74 points or 0.19% at 20,543.41 about half an hour past noon.

Osisko Mining (OSK.TO), Baytex Energy (BTE.TO), Hudbay Minerals (HBM.TO) and Bank of Nova Scotia (BNS.TO) are down 2.6 to 4.6% on huge volumes.

Shopify Inc (SHOP.TO), Hut 8 Mining (HUT.TO), Suncor Energy (SU.TO), Toronto-Dominion Bank (TD.TO) and Athabasca Oil Corporation (ATH.TO) are down 1 to 2%.

Teck Resources (TECK.B.TO) is surging 5.5%. Air Canada (AC.TO) is climbing about 1.5%. Cenovus Energy (CVE.TO) and Tourmaline Oil Corp (TOU.TO) are gaining 0.9% and 0.6%, respectively.

SNC-Lavalin Group (SNC.TO) is soaring more than 10% on strong results. The company reported first-quarter net income of 28.4 million, or $0.16 per share, compared to $24.8 million, or $0.14 per share in the first quarter of 2022.

Keyera Corporation (KEY.TO) shares are up nearly 4% after the company reported first-quarter net earnings of $138 million, compared with $114 million in the year-ago quarter.

George Weston Limited (WN.TO) reported adjusted net earnings of $282 million for the first quarter of 2023, flat compared to the same period in 2022. The stock is up marginally.