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TSX Recovers After Weak Start, Ends Flat

After a weak start and a subsequent fall to lower levels, the Canadian market gradually pared its losses as the session progressed on Tuesday and briefly emerged into positive territory around late afternoon before finally settling flat.

The mood remained cautious with investors awaiting the Bank of Canada's interest rate decision on Wednesday.

The benchmark S&P/TSX Composite Index, which dropped to 20,502.36, settled at 20,629.55, down 2.03 points from the previous close.

Shares from communications, materials and consumer staples sectors were among the prominent gainers. Technology and energy stocks closed weak.

Interfor Corporation (IFP.TO) surged 7%. West Fraser Timber (WFG.TO) climbed 4.8% and Rogers Communications (RCI.A.TO) gained 4.6%.

Dollarama (DOL.TO), Toromont Industries (TIH.TO), Fairfax Financial Holdings (FFH.TO), WSP Global (WSP.TO), Franco-Nevada Corporation (FNV.TO), Agnico Eagle Mines (AEM.TO) and George Weston (WN.TO) gained 1 to 2.3%.

Metro Inc. (MRU.TO) gained about 1.6%. The company reported first-quarter net earnings of $231 .1 million, up 11.3%, and adjusted net earnings of $237 .6 million, up 10.9%, over the year-ago quarter.

Magna International (MG.TO) tumbled 7.2%. Magna International Inc said sales were around $37.8 billion in fiscal 2022, compared with $36.242 billion in the previous year. In its November outlook, the company had expected to post sales of $37.4 billion to $38.4 billion, for the fiscal.

Softchoice Corporation (SFTC.TO), Ritchie Bros. Auctioneers (RBA.TO), Shopify Inc (SHOP.TO), Nuvei Corporation (NVEI.TO), Tourmaline Oil Corporation (TOU.TO), Precision Drilling Corporation (PD.TO), Cogeco (CGO.TO) and Linamar Corporation (LNR.TO) lost 1.4 to 5.2%.

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