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Canadian Market Up Slightly As Stocks Recover After Mid-session Setback

After a cautious start and a subsequent uptick, the Canadian market pared gains and slipped into the red Wednesday afternoon, but has edged up slightly on finding support at lower levels.

Energy stocks are up, riding on higher crude oil prices. Materials, financials and industrials shares are turning in a mixed performance.

Amid concerns over inflation and rising interest rates, the mood in the market is quite cautious.

The benchmark S&P/TSX Composite Index, which dropped to 19,792.79 after having advanced to 20,189.43 earlier in the session, is up 30.55 points or 0.15% at 19,920.61.

The Consumer Staples Capped Index is down 2.1%. The Consumer Discretionary Index is also down more than 2%.

Loblaw (L.TO), Premium Brands Holdings (PBH.TO) and Weston George (WN.TO), among the major losers in the Consumer Staples section, are down 3 to 3.7%.

Consumer discretionary stocks Canadian Tire Corp (CTC.A.TO), Spin Master Corp (TOY.TO), Brp Inc (DOO.TO), Park Lawn Corp (PLC.TO) and Mty Food Group (MTY.TO) are down 2 to 4%.

In the technology section, Hut 8 Mining Corp (HUT.TO) is plunging more than 10%. Lightspeed Commerce (LSPD.TO) is declining 8%, while Converge Technology Solutions (CTS.TO), Dye & Durham (DND.TO) and BlackBerry (BB.TO) are down 6 to 7%. Shopify Inc (SHOP.TO), Magnet Forensics (MAGT.TO) and Tecsys Inc (TCS.TO) are also down sharply.

Aurora Cannabis (ACB.TO), down nearly 11%, is the most prominent loser in the Healthcare index. Canopy Growth Corp (WEED.TO) is down 7.3%, Cronos Group (CRON.TO) is lower by 5.3% and Tilray Inc (TLRY.TO) is down 3.6%.

Bausch Health Companies (BHC.TO) is gaining more than 6%, rebounding a bit after having plunged sharply in the previous session.

The Energy Capped Inded is up 2%. Advantage Oil & Gas (AAV.TO), Enerplus Corp (ERF.TO), Nuvista Energy (NVA.TO), Whitecap Resources (WCP.TO), Paramount Resources (POU.TO), Suncor Energy (SU.TO) and Tamarack Valley Energy (TVE.TO) are gaining 3 to 5.4%.

Shares of power producer Boralex Inc (BLX.TO) are up 2.3% after the company reported net earnings of $57 million for the quarter ended March 2022, compared with $40 million in the year-ago quarter.

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