Canadian Market Recovers After Mild Setback

After a negative start and a subsequent uptick, the Canadian stock market retreated Tuesday morning with investors making cautious moves despite a positive lead from European markets and higher commodity prices.

However, stocks recovered soon as buying resumed again, and the market is up fairly well placed in positive territory about half an hour before noon, led by gains in energy and technology stocks.

The benchmark S&P/TSX Composite Index is up 95.03 points or 0.45% at 21,167.35. The index had earlier slipped to 21,009.14.

TransaAlta Renewables Inc. (RNW.TO) shares are down more than 10%. TransAlta Corporation (TA.TO) is down 5.6%.

Gildan Activewear (GIL.TO) is declining 3.7%, while Jamieson Wellness (JWEL.TO), CGI Inc (GIB.A.TO), Ritchie Bros. Auctioneers (RBA.TO), Canadian Pacific Railway (CP.TO) and Canadian National Railway (CNR.TO) are down 1.6 to 2%.

Lithium Americas Corp (LAC.TO) and Nuvei Corp (NVEI.TO) are surging up 8.25% and 8%, respectively. Docebo Inc (DCBO.TO) is gaining nearly 6%. Lightspeed Pos (LSPD.TO), Mty Food Group (MTY.TO), Restaurant Brands International (QSR.TO), Descartes Systems Group (DSG.TO), Shopify Inc (SHOP.TO), Canadian Tire Corporation (CTC.A.TO) and WSP Global Inc (WSP.TO) are up 1.3 to 3.3%.

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