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Canadian Shares Mostly Subdued In Cautious Trade

The Canadian stock market is a bit sluggish Wednesday morning, with investors largely refraining from making significant moves as they look for direction amid a continued surge in coronavirus infections across the world.

A lack of fresh economic data too prompt investors to stay cautious with their moves.

Materials shares are finding support, while healthcare, energy and telecom stocks are mostly down in negative territory. Financial, consumer staples share are also exhibiting weakness, while information technology and consumer discretionary stocks are turning in a mixed performance.

The benchmark S&P/TSX Composite index, which slipped to 15,533.58 after advancing to 15,706.92 in early trades, is down 2.30 points or 0.02% at 15,593.20 a few minutes before noon.

Kirkland Lake Gold (KL.TO) is rising 4.7% on fairly strong volumes. Dollarama (DOL.TO) and Wheaton Precious Metals (WPM.TO) are up 2.6% and 2.3%, respectively.

B2Gold Corp (BTO.TO) is rising 1.8%, Barrick Gold Corp (ABX.TO) is moving up 1.3% and Kinross Gold (K.TO) is advancing 1.2%.

Rogers Communications Inc (RCI.B.TO) shares are down more than 2.5%. Bank of Montreal (BMO.TO) is down by about 1.5%, while Suncor Energy (SU.TO), Royal Bank of Canada (RY.TO), Bank of Nova Scotia (BNS.TO), Canadian Imperial Bank of Commerce (CM.TO), Toronto-Dominion Bank (TD.TO), BCE Inc. (BCE.TO) and Air Canada (AC.TO) are down 0.5 to 1%.

In news about coronavirus, the World Health Organization director-general Tedros Adhanom Ghebreyesus stated in a virtual press conference that the outbreak is accelerating and it has not reached the peak of the pandemic.

While the number of deaths appears to have levelled off globally, in reality, though some countries have made significant progress in reducing the number of deaths, the toll in some other countries are still on the rise.

Ghebreyesus said WHO experts will be travelling to China this weekend to prepare scientific plans with their Chinese counterparts for identifying the origins of COVID-19.

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