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Canadian Market Modestly Higher; Technology, Materials Shares Move Up

After a positive start and a subsequent retreat, the Canadian stock market moved higher again Thursday morning, and was up fairly steady about an hour past noon.

Optimism about global economic recovery and the U.S. Federal Reserve's repeated assurances that monetary policy will likely remain unchanged for the foreseeable future supported sentiment.

Information technology and materials shares are among the top gainers. A few stocks from real estate and telecom sectors are also up with notable gains, while consumer staples, consumer discretionary and financial stocks are among the prominent losers.

The benchmark S&P/TSX Composite Index, which hit a new high at 19,178.77, was up 33.72 points or 0.18% at 19,162.79 about an hour past noon.

The Capped Information Technology Index is up nearly 2.3%. Hut 8 Mining Corp, the biggest gainer in the section, is up 6.5%. BlackBerry (BB.TO), Lightspeed Pos (LSPD.TO) and Shopify Inc. (SHOP.TO) are up 4 to 5%, while Photon Control (PHO.TO) is up nearly 4%.

Among materials shares, Ivanhoe Mines (IVN.TO), Endeavour Silver Corp (EDR.TO), Fortuna Silver Mines (FVT.TO), Silvercrest Metals (SIL.TO), New Gold (NGD.TO), Osisko Mines (OSK.TO), First Majestic Silver Corp (FR.TO), Torex Gold (TXG.TO), Pan American Silver Corp (PAAS.TO) and B2Gold Corp (BTO.TO) are up 4 to 5.4%.

Dollarama Inc. (DOL.TO) shares are down 1.7%. Dollarama announced that the Rossy family, which founded the company, is selling a total of 2.2 million shares in the discount retailer in block trades to a financial institution.

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