(RTTNews) – The Canadian stock market is roughly flat in early afternoon trades on Tuesday, having slipped into the red after a positive start.
Consumer discretionary, consumer staples and healthcare stocks are weak, while energy stocks are up with strong gains. A few stocks from real estate and utilities sections are up with strong gains, while technology, financial and materials shares are turning in a mixed performance.
The benchmark S&P/TSX Composite Index, which rose to 18,023.29 in early trades and declined to a low of 17,916.79 subsequently, was down 9.72 points or 0.05% at 17,935.16 about half-an-hour past noon.
Vermilion Energy (VET.TO) is up more than 7%. Vermilion’s Board of Directors has approved an E&D capital budget of $300 million for 2021, representing a 17% reduction from 2020. The company said the capital budget was designed to maximize returns and free cash flow while retaining the flexibility to adjust investment levels depending on commodity prices.
MEG Energy (MEG.TO) is gaining 5.6%, Crescent Point Energy (CPG.TO) is rising 3.6%, Suncor Energy (SU.TO) is up 2.3%, Cenovus Energy (CVE.TO) is advancing 2.25% and Enbridge Inc. (ENB.TO) is up by about 1.2%.
BlackBerry (BB.TO) is soaring nearly 14%, extending recent strong gains. BlackBerry has reportedly settled a legal dispute with Facebook over the subject of patent royalties. According to reports, a company spokeswoman said “we have resolved disputes pertaining to a confidential agreement and have no further comment.”
Among the prominent losers, Hexo Corp (HEXO.TO), Aphria Inc. (APHA.TO) and Aurora Cannabis (ACB.TO) are down 3 to 4%.
Alimentation Couche-Tard (ATD.B.TO) is down by about 2.8%, Shopify Inc. (SHOP.TO) is down by about 3%, Restaurant Brands International (QSR.TO) is declining 2.7%, Cogeco Communications (CCA.TO) is down 2.6% and Docebo Inc. (DCBO.TO) is lower by about 2%.
On the economic front, data from Statistics Canada showed car Registrations in Canada decreased to 131,745 Units in November from 159,098 Units a month earlier.
According to another data from Statistic Canada, manufacturing sales in Canada decreased 0.6% from a month earlier to C$ 53.7 billion in November 2020, the first decline in three months.
Another report from the same bureau said Canadian wholesale sales increased 0.7% month-over-month in November of 2020 to an all-time high of C$ 67.4 billion, compared with…
Read More: Canadian Market Roughly Flat Around Noon