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Canadian Stocks Edging Higher In Cautious Trade

The Canadian stock market is up in positive territory, with stocks rebounding after recent losses, amid renewed optimism about U.S.-China trade deal after a somewhat conciliatory comment from U.S. President Donald Trump.

A rebound in crude oil prices and bargain hunting after the sharp setback on Monday also contribute to the gains in the market.

Energy and healthcare stocks, which were among the worst hit in the previous session, are up with solid gains this morning.

The benchmark S&P/TSX Composite Index is up 58.14 points, or 0.36%, at 16,251.55.

On Monday, the index ended the session with a loss of 104.14 points, or 0.64%, at 16,193.41, after being down nearly 190 points at one stage.

The Capped Energy Index is rising more than 1.5%. Canadian Natural Resources (CNQ.TO), Suncor Energy (SU.TO), Cenovus Energy (CVE.TO) and PrairieSky Royalty (PSK.TO) are gaining 1 to 2%, while Encana Corporation (ECA.TO) is up 3.75%.

Crescent Point Energy (CPG.TO) is up nearly 4%, Whitecap Resources (WCP.TO) is gaining 3.4%, Precision Drilling Corporation (PD.TO) is stronger by nearly 3% and ARC Resources (ARX.TO) is up 1.5%.

The Capped Healthcare Index is up nearly 3%. Canopy Growth Corporation (WEED.TO) is gaining 3.7%, Aurora Cannabis (ACB.TO) is up 4.5%, Cronos Group Inc. (CRON.TO) is rising 4.7%, Aphria Inc. (APHA.TO) is advancing 2.7%, Green Organic Dutchman Holdings (TGOD.TO) is rising 1.75% and Hexo Corp. (HEXO.TO) is up 4.3%.

CannTrust Holdings Inc. (TRST.TO) is soaring nearly 11% on turnaround results. The company reported net income of $12.8 million for the quarter ended March 2019, after posting a net loss of $25.52 million in the quarter ended December 2018.

Among materials shares, Lundin Mining Corporation (LUN.TO) is gaining about 5.5% on fairly huge volumes.

Bank stocks are up with modest gains. Among other stocks in the financial index, Manulife Financial (MFC.TO) is rising 0.8% and Sun Life Financial (SLF.TO) is gaining 0.3%, while Fairfax Financial Holdings (FFH.TO) is down by about 1%.

Shares of agricultural greenhouse facilities operator Village Farms International Inc. (VFF.TO) are up nearly 5% on strong volumes.

WestJet Airlines, which posted a hefty gain in the previous session on news about Onex acquiring the company, is up by a modest 1.2% this morning.

U.S. stocks are mostly higher with bargain hunting pushing up prices of several blue chip stocks. Market is also benefiting from optimism about U.S. and China reaching a deal despite retaliatory tariffs announced by China.

U.S. President Donald Trump also indicated that he would be meeting with Chinese President Xi Jinping at the G20 Summit in Japan late next month.

In commodities, crude oil futures for June are up $0.78, or 1.3%, at $61.82 a barrel.

Gold futures for June are down $4.70, or 0.36%, at $1,297.10 an ounce.

Silver futures for July are gaining $0.048, or 0.32%, at $14.825 an ounce, while Copper futures for July are up marginally at $2.7200 per pound.

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