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Canadian Market Remains In Negative Territory

The Canadian stock market, which opened on a weak note Friday morning, continues to languish in negative territory about an hour past noon, as shares from technology, energy and materials sectors are under pressure.

Investors are making cautious moves, digesting the latest batch of economic data and earnings news, besides tracking updates on coronavirus pandemic and vaccination drive.

The benchmark S&P/TSX Composite Index was down 108.16 points or 0.56% at 19,147.76 a few minutes ago.

Technology stocks Shopify Inc. (SHOP.TO) and Descartes Systems (DSG.TO) are down 3% and 2.3%, respectively. Absolute Software (ABST.TO), Alithya Corp (ALYA.TO), BlackBerry (BB.TO) and Opex Text Corp (OTEX.TO) are down 1.7 to 2%.

Meanwhile, Hut 8 Mining Corp (HUT.TO) is soaring nearly 11%, Dye & Durham (DND.TO) is down 2.2%, Quarterhill (QTRH.TO) and Kinaxis Inc (KXS.TO) are down 1.6% and 1%, respectively.

In the materials section, Eldorado Gold (ELD.TO) is down more than 6%, while Tech Resources (TECK.B.TO), First Quantum Minerals (FM.TO), Torex Gold Resources (TXG.TO) and IamGold (IMG.TO) are down 1.6 to 2.7%.

Energy stocks Whitecap Resources (WCP.TO), MEG Energy (MEG.TO), Arc Resources (ARX.TO), Canadian Natural Resources (CNQ.TO), Enerplus Corp (ERF.TO) and Crescent Point Energy (CPG.TO) are down 1 to 2.2%.

Restaurant Brands International Inc. (QSR.TO) reported first-quarter net income of US$179 million or 58 cents per diluted share for the quarter ended March 31, compared with a profit of US$144 million or 48 cents per diluted share in the corresponding quarter last year. The stock is gaining nearly 1.5%.

On the economic front, data from Statistics Canada showed the Canadian economy expanded 0.4% month-over-month in February, after a 0.7% increase in January.

Another data from Statistics Canada said the industrial product index in Canada eased to 1.6% month over month in March, from an upwardly revised 2.8% gain in the previous month.

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