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Canadian Market Recovering Slowly After Early Setback

After opening with a big negative gap and plunging further down subsequently, the Canadian market recovered gradually and pared most of its losses as the session progressed.

About an hour past noon, the benchmark S&P/TSX Composite Index is down 41.88 points or 0.19% at 20,102.16.

The index tumbled to a low of 19,978.25 after opening with a negative gap of about 115 points at 20,029.57.

Healthcare and consumer staples shares are weak, while information technology and real estate stocks are faring well. Energy and materials are finding some support after suffering heavy losses in the previous session.

Healthcare stocks Canopy Growth Corp (WEED.TO), Aurora Cannabis (ACB.TO), Organigram Holdings (OGI.TO) and Tilray Inc (TLRY.TO) are down 1.7 to 2%. Trillium Therapeutics (TRIL.TO) and Bausch Health Companies (BHC.TO) both are down by about 1%.

Among consumer staples shares, Primo Water Corporation (PRMW.TO) is down 2.7%. Sunopta Inc (SOY.TO), The North West Company (NWC.TO), Maple Leaf Foods (MFI.TO), Loblaw (L.TO) and Metro Inc (MRU.TO) are declining 1.4 to 2%.

Information technology shares Lightspeed Pos (LSPD.TO), Shopify Inc (SHOP.TO), Absolute Software (ABST.TO) and Constellation Software (CSU.TO) are up 1.5 to 3.2%. BlackBerry (BB.TO), Hut 8 Mining (HUT.TO) and Alithya Group (ALYA.TO) are down 2.4 to 4.2%.

Energy stocks MEG Energy (MEG.TO) and Cenovus Energy (CVE.TO) are rising 2.8% and 2.7%, respectively.

Materials shares Dundee Precious Metals (DPM.TO), Interfor Corp (IFP.TO), Silvercorp Metals (SVM.TO), Lithium Americas Corp (LAC.TO), West Fraser Timber (WFG.TO) and First Quantum Minerals (FM.TO) are gaining 1 to 3%.

Data released by Statistics Canada showed prices of new homes in Canada increased by 1.4% from the previous month in May, after rising 1.9% in April.

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