Canadian Shares Turning In Mixed Performance; Organigram Holdings Soars On Results

Canadian shares are turning in a mixed performance on Tuesday with investors looking for direction and largely making cautious moves.

Worries about growth due to a rise in coronavirus cases in the U.S. and several parts across Europe and Asia weigh on sentiment.

Energy stocks are up with strong gains, while shares from materials and information technology sectors are notably lower.

The benchmark S&P/TSX Composite Index is down 31.31 points or 0.14% at 21,389.46 about a quarter past noon. The index drifted down to a low of 21,350.72 earlier.

Centerra Gold Inc (CG.TO) is down 7% and Fortuna Silver Corp (FVI.TO) is declining 6.6%, while MAG Silver Corp (MAG.TO), Kinross Gold Corp (K.TO), Endeavour Silver Corp (EDR.TO), Equinox Gold (EQX.TO), K92 Mining (KNT.TO), Osisko Mining (OSK.TO), B2Gold Corp (BTO.TO) amd Eldorado Gold (ELD.TO) are down 3.7 to 5%.

Among technology stocks, Converge Technology Solutions (CTS.TO) is down more than 5%, Lightspeed Pos (LSPD.TO) is declining 4.1%, Kinaxis Inc (KXS.TO) is down 3.7% and Nuvei Corp (NVEI.TO) is lower by 3.5%, while Descartes Systems (DSG.TO), Enghouse Systems (ENGH.TO), Tecsys Inc (TCS.TO) and Shopify Inc (SHOP.TO) are down 2 to 2.7%.

Energy stocks Enerplus Corp (ERF.TO), Cenovus Energy (CVE.TO), Crescent Point Energy (CPG.TO), Vermilion Energy (VET.TO), MEG Energy (MEG.TO), Canadian Natural Resources (CNQ.TO), Imperial Oil (IMO.TO), Arc Resources (ARX.TO), Suncor Energy (SU.TO) and Tourmaline Oil Corp (TOU.TO) are up 2.5 to 6.5%.

Organigram Holdings Inc. (OGI.TO) shares are soaring 11% after the company reported a 22% growth in net revenue to $24.9 million in the fourth quarter of financial year 2021, over the previous quarter, and up 22% from the same period in 2020.

Weston George Limited (WN.TO) reported adjusted net earnings of $359 million for the third quarter, up slightly from net earnings of $358 million in the year-ago quarter. Adjusted diluted net earnings per share came in at $2.39 in the third-quarter, compared to $2.32 per share a year ago. The stock is gaining nearly 1%.

On the economic front, Statistics Canada said that according to preliminary estimates, manufacturing sales in Canada likely rebounded by 4.1% in October, from a 3% fall in September.

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