Canadian Stocks Up In Positive Territory After Steady Start

(RTTNews) - The Canadian stock market was up in positive territory Tuesday noon after a positive start amid easing concerns over tensions between the U.S. and Iran.

Optimism about U.S.-China interim trade deal, set to be signed next week, lifted sentiment and prompted investors to pick up stocks.

Shares from information technology, consumer discretionary, industrial and materials sections were moving higher, while energy stocks declined. Healthcare and financial shares were turning in a mixed performance.

The benchmark S&P/TSX Composite Index was up 64.81 points, or 0.37%, at 17,170.28 a few minutes past noon.

Technology stocks Shopify Inc. (SHOP.TO), Constellation Software (CSU.TO), Enghouse Systems (ENGH.TO) and Lightspeed POS (LSPD.TO) were up 1.7 to 3.2%.

In the industrial section, Canadian Pacific Railway (CP.TO) gained about 1.75%. The company said it set a new quarterly record by moving 7.9 million tonnes of grain and grain products in the final three months of 2019. That included an all-time monthly record of 2.79 million tonnes in October.

Canadian National Railway (CNR.TO) said it moved 2.74 million tonnes of grain and grain products in the month of November, a new monthly record. In October, it moved 2.66 million tonnes and in December the figure was 2.5 million tonnes, CNR said. The stock gained about 0.3%.

SNC-Lavalin (SNC.TO), Air Canada (AC.TO), New Flyer Industries (NFI.TO), WSP Global (WSP.TO), Stantec (STN.TO) and Ats Automation (ATA.TO) gained 1 to 2%.

Consumer discretionary stocks Canada Goose Holdings (GOOS.TO), Restaurant Brands International (QSR.TO), Martinrea International (MRE.TO), Brp Inc. (DOO.TO), Aritzia Inc. (ATZ.TO), Canadian Tire Corporation (CTC.A.TO), Great Canadian Gaming Corp (GC.TO) and Gildan Activewear (GIL.TO) gained 1 to 1.75%.

Energy stocks ARC Resources (ARX.TO), Baytex Energy (BTE.TO) and Encana Corporation (ECA.TO) shed 3.4%, 2.3% and 1%, respectively, on huge volumes. Cannabis stock Hexo Corp (HEXO.TO) declined more than 4%.

On the economic front, data released by Statistics Canada showed Canada's trade deficit narrowed to C$ 1.1 billion in November 2019 from an upwardly revised C$ 1.6 billion in October.

Canada's trade deficit narrowed to CAD 1.1 billion in November 2019 from an upwardly revised CAD 1.6 billion in October and compare with market expectations of a CAD 1.15 billion gap. It was the smallest trade gap since June last year.

Exports declined 1.4% from a month earlier to C$ 48.70 billion in November 2019, after dropping 0.4% in October and below market estimates of C$ 49.3 billion. Imports shrank 2.4% from a month earlier to C$ 49.78 billion in November 2019, after rising 0.6% in October and missing market expectations of C$ 51.02 billion.

A report from Richard Ivey School of Business said the Ivey PMI for Canada fell to 51.9 in December 2019 from 60 in the previous month and missing market forecasts of 53.8.