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Canadian Stocks Recovering After Weak Start; TSX Hits New High

The Canadian stock market recovered after a slightly weak start, and hit fresh high Monday morning, riding on gains in materials and healthcare sections.

A few stocks from financial, utilities and industrial sections too edged higher, while energy and information technology shares were somewhat subdued.

The mood was cautious with investors looking for direction. The U.S. market is closed today in observance of Martin Luther King Jr. Day.

The benchmark S&P/TSX Composite Index, which edged down to 17,538.37 in early trades, was up 50.01 points, or 0.28%, at 17,609.03 a few minutes past noon.

Alamos Gold Inc. (AGI.TO), B2Gold Corp (BTO.TO), Agnico Eagle Mines (AEM.TO), First Majestic Silver Corp (FR.TO), Eldorado Gold Corp (ELD.TO), Yamana Gold (YRI.TO), Barrick Gold Corp (ABX.TO) and Pan American Silver Corp (PAAS.TO) gained 1.5 to 2.3%.

Cannabis shares Aphria Inc. (APHA.TO), Cronos Group (CRON.TO) and Canopy Growth Corporation (WEED.TO) gained 1.3 to 2.1%.

Among other prominent gainers in the market, Bombardier Inc. (BBD.B.TO) moved up nearly 7%

Ballard Power Systems (BLDP.TO) gained about 4%. MTY Foods (MTY.TO) gained 2.3% and Cogeco Communications (CCA.TO) advanced 1.6%.

Encana Corporation (ECA.TO) declined 2.8%. The company said on Friday that an Alberta court has approved the company's reorganization that will see it move its headquarters to Denver from Calgary and change its name to Ovintiv Inc. The company says a corporate domicile in the U.S. will expose it to increasingly larger pools of investment in U.S. funds, as well as better align it with its U.S. peers. It said the changes will not affect how it runs its day-to-day activities in Canada.

SNC-Lavalin (SNC.TO) announced that it has bagged an engineering services contract from Al Dhafra Petroleum, a joint venture company between ADNOC and the Korea National Oil Corporation and GS Energy. The stock was up by about 0.8% at noon.

CGI Inc. (GIB.A.TO) announced that it has completed the acquisition of Meti Logiciels et Services (Meti) through one of its European subsidiaries. Meti works with Europe's largest retailers, providing solutions across thousands of stores, warehouses and merchant locations for clients in 20 countries. The stock was down marginally by noon after a somewhat sluggish spell.

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