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Canadian Stocks Swinging Between Gains And Losses

The Canadian stock market was up in positive territory in late morning trades Wednesday after swinging between gains and losses, as investors digested inflation data for the month of May and looked ahead to the U.S. Federal Reserve's monetary policy statement, due later in the day.

Healthcare, financial, utilities and telecom shares were edging higher, while mining stocks traded weak. Consumer staples and information technology shares were also subdued. Energy, consumer discretionary and industrials shares exhibited mixed trend.

The benchmark S&P/TSX Composite Index was up 10.47 points, or 0.06%, at 16,513.82.

CannTrust Holdings (TRST.TO) moved up nearly 9% after the company announced that it is establishing operations in the United States, starting in the State of California. CannTrust has signed a non-binding letter of intent that will provide access to over 3,000 acres of farmland for hemp production with Elk Grove Farming Company, LLC, to secure low-cost hemp with high cannabidiol content.

Hexo Corp. (HEXO.TO) jumped more than 4%, Canopy Growth Corporation (WEED.TO) climbed up 1.5% and Cronos Group (CRON.TO) advanced 1.3%. Bausch Health Companies (BHC.TO) edged up by about 0.5%.

Among the stocks in the financial space, Onex Corp. (ONEX.TO) surged up nearly 3%, Fairfax Financial Holdings (FFH.TO) gained 2.2%, Manulife Financial (MFC.TO) was up 1.6%, CDN Western Bank (CWB.TO) advanced 1.5% and Sun Life Financial (SLF.TO) gained about 1%.

National Bank of Canada (NA.TO), Bank of Nova Scotia (BNS.TO), Bank of Montreal (BMO.TO), Canadian Imperial Bank of Commerce (CM.TO) and Royal Bank of Canada (RY.TO) posted modest gains.

Capital Power Corp. (CPX.TO), Superior Plus Corp. (SPB.TO), Altagas (ALA.TO) and Northland Power (NPI.TO) were among the notable gainers in the utilities section.

Telecom stocks Shaw Communications (SJR.B.TO) and Rogers Communications (RCI.B.TO) gained 1.4% and 1%, respectively.

In the energy space, Baytex Energy (BTE.TO), Husky Energy (HSE.TO), MEG Energy (MEG.TO), Encana Corporation (ECA.TO) and Canadian Natural Gas (CNQ.TO) were weak.

On the other hand, Kelt Exploration (KEL.TO), Seven Generations Energy (VII.TO), Enerplus Corporation (ERF.TO), Crescent Point Energy (CPG.TO) were up with sharp to moderate gains.

In the materials section, Hudbay Minerals (HBM.TO) was down nearly 4%. Yamana Gold (YRI.TO) declined 3.3%. Eldorado Gold (ELD.TO), Interfor Corp. (IFP.TO), Ero Copper Corp. (ERO.TO), Kinross Gold (K.TO), Barrick Gold Corp. (ABX.TO) and West Fraser Timber (WFT.TO) also declined sharply.

SNC-Lavalin (SNC.TO) announced that its its Atkins business has been selected as part of the team to provide systems engineering services and support to the Los Angeles County Metropolitan Transportation Authority as part of a 10-year program. The stock was down more than 3%.

Data from Statistics Canada showed that the consumer price inflation rose 0.3% on a seasonally adjusted monthly basis in May, unchanged from the previous month. Economists has expected a 0.1% increase.

Core inflation, excluding food and energy, ticked up 0.3% in May, after rising 0.2% in April.

On an annual basis, consumer prices rose an unadjusted 2.4% from 2% in April. The rate was forecast to increase by 2.1%.

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