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TSX Modestly Higher As Stocks Recover After Weak Start

After a weak start, the Canadian stock market edged up into positive territory Thursday morning and was modestly higher a little past noon, with investors reacting positively to a tweet from U.S. President Donald Trump that he plans to meet with Chinese Vice Premier Liu He.

Trump's tweet has raised expectations that something positive could emerge from the trade negotiations between U.S. and Chinese officials.

Information technology, industrials, energy and financial shares were among the notable gainers. Healthcare stocks declined sharply. Materials and consumer discretionary stocks were turning in a mixed performance.

The benchmark S&P/TSX Composite Index was up 27.21 points, or 0.17%, at 16,407.08, after having advanced to a high of 16,444.35 earlier.

Shopify Inc. (SHOP.TO) gained 3.65% and topped the list of gainers in the information technology space. Exfo Inc. (EXF.TO) advanced 1.7%, while Kinaxis Inc. (KXS.TO) and Enghouse Systems (ENGH.TO) were both higher by about 0.8%.

Among the stocks in the industrials space, Bombardier Inc. (BBD.B.TO) was up nearly 4%. Tfi International (TFII.TO) gained 3.5%, Ballard Systems (BLDP.TO) advanced 2.3% and Air Canada (AC.TO) was up 2%.

In the energy space, Parex Resources (PXT.TO), Encana Corp (ECA.TO), Baytex Energy (BTE.TO), Seven Generations Energy (VII.TO) and Vermilion Energy (VET.TO) gained 1 to 2%.

In the financial space, CDN Western Bank (CWB.TO), Manulife Financial (MFC.TO), Sun Life Financial (SLF.TO), Bank of Montreal (BMO.TO) and Laurentian Bank (LB.TO) gained 0.6 to 1.6%.

On the economic front, Canada new home prices rose 0.1% in August of 2019, following three consecutive months of declines while markets had forecast prices to remain unchanged.

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