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Canadian Market Modestly Higher In Cautious Trade; Technology Stocks Move Up

After a positive start and a subsequent fall into negative territory, the Canadian market recovered some lost ground Tuesday morning and is modestly higher about an hour past noon.

Information technology, consumer staples and materials shares are up with notable gains. A few stocks from industrials and consumer discretionary sections are up in positive territory, while energy stocks are weak.

Amid a lack of significant triggers, investors are looking ahead to a speech from Fed Chair Jerome Powell, due later in the day, for directional clues.

The benchmark S&P/TSX Composite Index is up 25.50 points or 0.13% at 20,181.86 nearly an hour past noon. The index, which advanced to 20,188.62, dropped to a low of 20,110.08 before recovering some lost ground.

Information technology stocks BlackBerry (BB.TO) and Kinaxis Inc (KXS.TO) are up 3% and 2.6%, respectively. Absolute Software (ABST.TO), Descartes Systems Group (DSG.TO), Enghouse Systems (ENGH.TO), Dye & Durham (DND.TO), Constellation Software (CSU.TO) and Shopify Inc (SHOP.TO) are up 1.3 to 1.8%.

Consumer staples shares Alimentation Couche-Tard (ATD.B.TO) and Empire Co (EMP.A.TO) are gaining 2% and 1.7%, respectively.

In the materials section, Lundin Mining (LUN.TO), Ero Copper (ERO.TO), First Quantum Minerals (FM.TO), Nutrien (NTR.TO), Teck Resources (TECK.B.TO) and Hudbay Minerals (HBM.TO) are gaining 2 to 5%.

Energy stocks Vermilion Energy (VET.TO), Enerplus Corp (ERF.TO), Crescent Point Energy (CPG.TO), Cenovus Energy (CVE.TO) and Whitecap Resources (WCP.TO) are down 2 to 2.8%.

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