Canadian Market Pares Early Gains In Cautious Trade

Technology, real estate and financials shares are finding some support in the Canadian market, where the mood remains cautious Monday morning with investors looking ahead to the Bank of Canada’s monetary policy announcement later this week.

The Bank of Canada is widely expected to hold interest rates unchanged as inflation remains at elevated level.

The benchmark S&P/TSX Composite Index, which climbed to 20,975.28 after opening at 20,930.93, is down 17.10 points or 0.08% 20,889.42 about a quarter to noon.

Technology stocks BlackBerry (BB.TO), Coveo Solutions (CVO.TO) and Sylogist (SYZ.TO) are gaining 2.5 to 3%. Shopify Inc (SHOP.TO), Celestica Inc (CLS.TO), Converge Technology Solutions (CTS.TO), Quarterhill (QTRH.TO) and Lightspeed Commerce (LSPD.TO) are up 1.5 to 2%.

Real estate stocks Colliers International Group (CIGI.TO) and H&R Real Estate Investment Trust (HR.UN.TO) are up 1.6% and 1.5%, respectively.

In the financials sector, Nuvei Corp (NVEI.TO) is up 2%, IA Financial Group (IAG.TO) is gaining 1.6%, while TMX Group (X.TO) and Brookfield Corporation (BN.TO), both are gaining 1.3%, and EQB Inc (EQB.TO) is advancing 1.2%.

Materials shares Algoma Steel Group (ASTL.TO), Novagold (NG.TO), Lithium Americas Argentina Corp (LAAC.TO), Filo Mining (FIL.TO), Lundin Mining Corp (LUN.TO) and Equinox Gold Corp (EQX.TO) are down sharply.

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