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Canadian Market Recovers After Weak Start As Energy, Materials Stocks Rally

The Canadian stock market rebounded after a weak start Monday morning, led by gains in energy and materials shares thanks to higher commodity prices.

However, with several stocks from technology, utilities, healthcare and consumer staples sections reeling under selling pressure, the market is just marginally up in positive territory a little past noon.

The benchmark S&P/TSX Composite Index, which slid to 18,336.20 in early trades, was up 30.06 points or 0.16% at 18,414.33 about half an hour past noon.

The Capped Energy Index is rising nearly 5%. Enerplus Corp (ERF.TO) and MEG Energy (MEG.TO) both are up more than 10%. Suncor Energy (SU.TO) is gaining 8.2% and Vermilion Energy (VET.TO) is up 7.7%, while Imperial Oil (IMO.TO), Parex Resources (PXT.TO), Cenovus Energy (CVE.TO), Crescent Point Energy (CPG.TO), Canadian Natural Resources (CNQ.TO), Whitecap Resources (WCP.TO) and PrairieSky Royalty (PSK.TO) are up 3 to 6%.

The Capped Materials Index is surging up 2.5%. First Majestic Silver Corp (FR.TO), Fortuna Silver Mines (FVI.TO), New Gold (NGD.TO) and Silvercorp Metals (SVM.TO) gained 8 to 10%. Pan American Silver Corp (PAAS.TO), Torex Gold Resources (TXG.TO), Osisko Mining (OSK.TO) and Methanex Corp (MX.TO) are gaining 5 to 10%. Kinross Gold (K.TO), Yamana Gold (YRI.TO), B2Gold Corp (BTO.TO), Franco-Nevada Corp (FNV.TO) and Iamgold Corp (IMG.TO) are up 3 to 4.2%.

Technology stocks Shopify Inc. (SHOP.TO), Docebo Inc. (DCBO.TO), Enghouse Systems (ENGH.TO), Kinaxis Inc. (KXS.TO), Sierra Wireless (SW.TO), Open Text Corp (OTEX.TO) and Descartes Systems (DSG.TO) are declining 2 to 4.3%.

In the healthcare section, Trillium Therapeutics (TRIL.TO) is declining 4.2%, Aurinia Pharmaceuticals (AUP.TO) is lower by about 3.2%, Cronos Group (CRON.TO) is down 2.5%, Aurora Cannabis (ACB.TO) is losing 2.2% and Canopy Growth Corporation (WEED.TO) is lower by 2%. Aphria Inc. (APHA.TO) is down with a loss of 1.4%.

Consumer staples shares Jamieson Wellness (JWEL.TO), Metro Inc. (MRU.TO), The North West Company (NWC.TO), Empire Company (EMP.A.TO) and Maple Leaf Foods (MFI.TO) are down 1 to 3%.

In commodities, West Texas Intermediate Crude oil futures are rising $1.80 or 3.04% at $61.04 a barrel.

Gold futures are gaining $32.30 or 1.82% at $1,809.70 an ounce, while Silver futures are rising $0.786 or 2.88% at $28.040 an ounce.

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