April 23, 2021

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Canadian Market Recovers After Weak Start

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After opening lower Tuesday morning amid concerns about rising coronavirus cases in the U.S. and Europe, and reports about likely tighter restrictions in several parts across the globe, the Canadian stock market moved higher in cautious trade.

Investors are also tracking news about developments on the vaccine front.

The benchmark S&P/TSX Composite Index was up 28.55 points or 0.16% at 17,610.90 around noon. Earlier, after touching a low of 17,541.24, the index rose to 17,619.58.

A few stocks from consumer staples, utilities and industrials sections are notably higher. Consumer discretionary, healthcare and energy shares are exhibiting weakness.

Among the most actively traded stocks, Hexo Corp (HEXO.TO) is rising more than 5%, Crescent Point Energy (CPG.TO) is up 4.75% and Cenovus Energy (CVE.TO) is gaining 3%. Air Canada (AC.TO), Shopify Inc. (SHOP.TO), BlackBerry (BB.TO), Aphria Inc. (APHA.TO) and Suncor Energy (SU.TO) are up 1.3 to 2%.

Enbridge Inc. (ENB.TO) shares are up nearly 1%. The Company said it expects full-year 2020 distributable cash flow (DCF) per share to be near the mid-point of the C$4.50 to C$4.80 guidance range. For 2021, the company expects DCF per share of C$4.70 to C$5.00. Enbridge also re-affirmed its 5-7% average long-term annual distributable cash flow per share growth outlook.

Canadian Natural Resources (CNQ.TO) is down more than 2%. Kinross Gold Corporation (K.TO) is declining 1.7%. Magna International (MG.TO), Lightspeed Pos (LSPD.TO), Canada Goose Holdings (GOOS.TO) are also sharply lower.

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2020-12-08 12:27:39

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