Canadian Market Modestly Higher In Cautious Trade

After swinging between gains and losses in cautious trade, the Canadian stock market is modestly higher a few minutes past noon on Tuesday.

Industrial, energy and real estate stocks are finding some support, while healthcare stocks, which rose sharply on Monday, are exhibiting weakness.

With a slew of crucial economic data from the U.S. due later this week, and the Bank of Canada scheduled to announce its rate decision tomorrow, investors are largely refraining from making significant moves.

The benchmark S&P/TSX Composite Index is up 40.49 points or 0.2% at 20,075.79 about half an hour past noon. The index touched a new high at 20,079.38.

Cae Inc (CAE.TO) is rising nearly 4.5%, topping the list of gainers in the Industrials Index. Air Canada (AC.TO) is up 4.3%, while Gfl Environmental (GFL.TO), Tfi International (TFII.TO), Ats Automation (ATA.TO), WSP Global (WSP.TO) and SNC Lavalin (SNC.TO) are gaining 1.8 to 3%.

Energy stock Cenovus Energy (CVE.TO) is up nearly 4.5%. Canadian Natural Resources (CNQ.TO) is rising nearly 1% and Imperial Oil (IMO.TO) is up by about 0.5%.

Real Matters (REAL.TO), up 3.3%, is the top gainer in the Real Estate section. Summit Industrial Income (SMU.UN.TO), Colliers International (CIGI.TO) and Granite Real Estate (GRT.UN.TO) are up 1.5 to 2.1%.

Healthcare stocks Aurinia Pharmaceuticals (AUP.TO), Cronos Group (CRON.TO), Bausch Health Companies (BHC.TO) and Canopy Growth Corp (WEED.TO) are down 2.2 to 3.3%. Organigram Holdings (OGI.TO) is lower by about 1.75% and Trillium Therapeutics (TRIL.TO) is declining 1%.

Data released by Statistics Canada this morning showed Canada posted a trade surplus of C$ 0.59 billion in April compared to an upwardly revised deficit of C$ 1.35 billion in the prior month and against market expectations of a C$ 0.7 billion gap.

Exports from Canada retreated 1% month-over-month to C$ 50.2 billion in April, while imports dropped by 4.7% month-over-month to C$ 49.6 billion in the month.

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