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Canadian Market Recovers After Weak Start, Up Marginally An Hour Past Noon

The Canadian stock market is modestly higher Thursday afternoon, aided by gains in consumer staples, industrials and materials shares.

Healthcare stocks are down sharply, extending losses from the previous session. Energy, financial, consumer discretionary and information technology stocks are turning in a mixed performance.

The benchmark S&P/TSX Composite Index, which drifted down to 20,092.92 in early trades but rallied to 20,214.64 subsequently, is up 40.01 points or 0.2% at 20,187.25 a little over an hour past noon.

The Capped Consumer Staples Index is climbing up nearly 1.5%. Alimentation Couche-Tard (ATD.B.TO) is gaining 5.3%. Loblaw Co (L.TO) is up nearly 1%, while Weston George (WN.TO) and Primo Water Corporation (PRMW.TO) are up 0.6% and 0.7%, respectively.

In the industrials section, Canadian Pacific Railway (CP.TO), Finning International (FTT.TO), Tfi International (TFII.TO), WSP Global (WSP.TO) and Canadian National Railway (CNR.TO) are gaining 1 to 2%.

Among the gainers in the materials section, Hudbay Minerals (HBM.TO) is climbing more than 3.5%, B2Gold Corp (BTO.TO) is up 2.75%, Franco-Nevada Corp (FNV.TO), Oceanagold (OGC.TO) and Ssr Mining (SSRM.TO) are up 2 to 2.3%, and First Quantum Minerals (FM.TO) is gaining 1.85%. Yamana Gold (YRI.TO), Kirkland Lake Gold (KL.TO) and Ivanhoe Mines (IVN.TO) are also notably higher.

Among healthcare stocks, Tilray Inc (TLRY.TO) is declining more than 4%, Aurora Cannabis (ACB.TO) is down 2.8%, Canopy Growth Corporation (WEED.TO) is lower by 2.1% and Trillium Therapeutics (TRIL.TO) is down nearly 2%. Bausch Health Companies (BHC.TO) and Cronos Group (CRON.TO are also down with notable losses.

Cogeco Inc (CGO.TO) shares are down 1.4%. The company reported third-quarter profit of $105.0 million or $2.17 per share, compared with $97.5 million or $1.96 per share in the year-ago quarter.

Cogeco Communications Inc (CCA.TO) reported a profit of $102.8 million or $2.02 per share in the third quarter of this fiscal, compared with $96.7 million or $1.89 per share a year ago. The stock is down 1.6%.

Data from ADP said Canadian private businesses fired 294,200 workers in June, compared to 318,700 in the previous month.

Data from Statistics Canada said car registrations in Canada decreased to 151,912 units in May from 166,709 units in April.

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