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Canadian Market Modestly Higher In Cautious Trade; Cargojet Shares Soar 15%

The Canadian stock market, which moved modestly higher after a flat start, briefly slipped into the red, but edged up again on selective buying at some frontline counters.

The mood, however, remains cautious due to lingering worries about the near to medium-term economic impact of the coronavirus pandemic, and some disappointing earnings reports.

The benchmark S&P/TSX Composite Index, which slipped to 16,496.81 after advancing to 16,570.41, is up 32.84 points or 0.2% at 16,534.45 nearly half-an-hour past noon.

The industrials sector is seeing some strong buying. Energy and financial stocks are also finding good support, while materials, consumer discretionary and healthcare shares are among the prominent losers. Information technology shares are turning in a mixed performance.

Cargojet Inc. (CJT.TO) shares are soaring 15% after the company reported that revenues soared 65% to $196.1 million in the second quarter of 2019 as e-commerce activity was driven by work-from-home activity during the COVID-19 lockdowns.

Badger Daylighting (BAD.TO) is rising as much as 13%. The company said that despite the severe economic impact resulting from COVID-19, second quarter revenue was 83% of the revenue level achieved in the same period in 2019. Net profit per share dropped to $0.05 in the second quarter, from $0.33 a year ago.

WSP Global (WSP.TO) is moving up 2.7%. The company said it posted net earnings of $88.3 million or 83 cents per share in the quarter ended June 2020, little changed from $89.2 million or 84 cents in the same period a year ago. In its updated guidance, WSP says it expects adjusted earnings of between $1 billion and $1.05 billion this year on net revenues of between $6.7 billion and $7.0 billion.

Thomson Reuters (TRI.TO) is up 3.1%, CAE (CAE.TO) is gaining 2.5%, Stantec (STN.TO) is advancing 2.3% and Westshore Terminals Investment Corp (WTE.TO) is gaining 2.1%. Finning International (FII.TO), Mullen Group (MTL.TO), Canadian Pacific Railway (CP.TO) and Ritchie Bros Auctioneers (RBA.TO) are up 1.2 to 1.7%.

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