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Canadian Market Exhibits Weakness; Energy, Materials Shares Drifting Lower

The Canadian stock market is down in negative territory a little past noon on Monday, after opening on a weak note amid worries about growth due to continued spikes in coronavirus cases and tighter restrictions on movements in several parts across the world.

Energy, materials, utilities and real estate stocks are weak. Healthcare stocks are having a good outing, while technology, financial and consumer sector stocks are turning in a mixed performance.

The benchmark S&P/TSX Composite Index, which opened nearly 120 points down at 17,924.12, was down 52.99 points or 0.3% at 17,989.08 about a quarter past noon.

Among energy shares, Cenovus Energy (CVE.TO) is declining 3.3%, Seven Generations Energy (VII.TO) is down 2.3% and MEG Energy Corp (MEG.TO) is sliding 2%. Vermilion Energy (VET.TO), PrairieSky Royalty (PSK.TO) and Crescent Point Energy (CPG.TO) are down 1 to 1.4%.

In the materials section, First Quantum Minerals (FM.TO), Lundin Mining Corp (LUN.TO), Ero Copper (ERO.TO), Methanex Corp (MX.TO), Hudbay Minerals (HBM.TO), Agnico Eagle Mines (AEM.TO) and Eldorado Gold (ELD.TO) are down 2 to 5%.

Cronos Group (CRON.TO), up nearly 11%, tops the list of gainers in the healthcare index. Aurora Cannabis (ACB.TO) is rising nearly 8%, Canopy Growth Corporation (WEED.TO) is advancing 7.4%, Aphria Inc. (APHA.TO) is gaining 7.25% and Aurinia Pharmaceuticals (AUP.TO) is up 2.5%, while Bausch Health Companies (BHC.TO) is up with a gain of 1.5%.

Among information technology stocks, Absolute Software (ABST.TO) is gaining 8%, BlackBerry (BB.TO) is up 2.3% and Enghouse Systems (ENGH.TO) is advancing 1.75%. Shopify Inc. (SHOP.TO) and Celestica Inc (CLS.TO) are both gaining about 1.1%, while Lightspeed Pos (LSPD.TO) is gaining 0.85%.

In the financial section, Sun Life Financial (SLF.TO), Manulife Financial (MFC.TO), Bank of Montreal (BMO.TO), National Bank of Canada (NA.TO), Canadian Imperial Bank of Commerce (CM.TO) and Royal Bank of Canada (RY.TO) are down in negative territory, while Fairfax Financial Holdings (FFH.TO), Toronto-Dominion Bank (TD.TO) adn Laurentian Bank (LB.TO) are higher.

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