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Canadian Shares Mixed As Traders Look For Direction

Canadian shares were turning in a mixed performance Tuesday morning with investors largely making cautious moves, looking for further developments on the trade front.

Investors were looking ahead to U.S. President Donald Trump's speech at the Economic Clubs of New York this afternoon.

Cannabis shares, which suffered sharp losses in the previous session, were finding modest support Tuesday morning and some of these stocks posted strong gains on bargain hunting.

Some stocks from energy and financial sectors were also edging up a bit. Materials shares were weak.

The benchmark S&P/TSX Composite Index was up 11.60 points, or 0.07%, at 16,894.36 around noon, after advancing to a high of 16,927.46 earlier in the session.

Hexo Corp (HEXO.TO) gained about 3.2%, Aurora Cannabis (ACB.TO) was up 2% and Bausch Health Companies (BHC.TO) gained 1.6%, while Cronos Group (CRON.TO) was up by about 1.3%.

In the energy space, MEG Energy (MEG.TO), PrairieSky Royalty (PSK.TO), Enerflex (EFX.TO), Tourmaline Oil Corp (TOU.TO), Enbridge Inc. (ENB.TO) and ARC Resources (ARX.TO) gained 1 to 1.7%.

Among financial stocks, CI Financial Corp (CIX.TO) and Manulife Financial (MFC.TO) gained 1.5% and 1.3%, respectively. Bank stocks were mostly flat.

U.S. President Donald Trump's speech is likely to be closely watched for his assessment of the state of U.S.-China trade talks and investors are hoping for some signs of progress toward a phase one trade deal.

Trump has remained hopeful about a potential trade deal but has repeatedly pledged to only accept an agreement that is good for the U.S.

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