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Canadian Market In Negative Territory In Cautious Trade

The Canadian stock market, which saw a brief spell in positive territory after recovering from a weak start Thursday morning, faltered again in late morning trade and remains weak around mid afternoon.

Worries about growth following signs of a slowdown in global economic recovery due to the surge in coronavirus cases weigh on sentiment.

The benchmark S&P/TSX Composite Index, which advanced to 20,785.57 earlier in the session, is down 49.25 points or 0.24% at 20,692.54.

Industrials and consumer staples shares are among the most prominent losers. Shares from energy and telecom sectors are also mostly weak, while information technology stocks are faring reasonably well.

Transcontinental Inc. (TCL.A.TO), down 4.4%, is the biggest loser in the industrial sector. The company reported net earnings of $28.1 million in the third-quarter, compared with net earnings of $48.3 million a year ago.

Canadian Pacific Railway (CP.TO) and Canadian National Railway (CNR.TO) are down 3.3% and 2.5%, respectively. Snc-Lavalin (SNC.TO), Richelieu Hardware (RCH.TO) and Thomson Reuters (TRI.TO) are also notably lower.

Information technology stocks Lightspeed Pos (LSPD.TO) and BlackBerry (BB.TO) are up 4.5% and 2.8%, respectively. Hut 8 Mining Corp (HUT.TO), Nuvei Corp (NVEI.TO), Kinaxis Inc (KXS.TO), Shopify Inc. (SHOP.TO) and Quarterhill (QTRH.TO) are up 1.3 to 2%.

Descartes Systems Group (DSG.TO) is gaining 1.3%. The company reported second-quarter net income of $23.2 million, up 121% from $10.5 million in the second-quarter of the previous financial year.

Dollarama Inc. (DOL.TO) reported second-quarter net earnings of $146.2 million, or $0.48 per diluted common share, compared to $142.5 million, or $0.26 per diluted common share, in the second quarter of the previous financial year. The stock is down by about 2.5%.

Empire Company (EMP.A.TO) shars are down more than 3%. The company reported net earnings of $188.5 million in the first quarter of current financial year, compared to $191.9 million in the year-ago quarter.

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