Canadian Market Up Marginally In Cautious Trade

(RTTNews) - After opening slightly lower and slipping further down, the Canadian market emerged into positive territory Tuesday morning, and is slightly higher a little past noon with stocks from energy, communications and technology stocks posting notable gains.

Shares from consumer discretionary, real estate, utilities, consumer staples and industrials sectors are among the losers.

The mood is quite cautious amid concerns about global economic slowdown.

The benchmark S&P/TSX Composite Index is up 23.01 points or 0.11% at 20,651.93 about a quarter past noon. Earlier, the index touched a low of 20,541.59 and a high of 20,662.06.

Lithium Americas Corp (LAC.TO) is soaring nearly 8% after the company received a favorable ruling from the US District Court, District of Nevada, for the appeal filed against the Bureau of Land Management for the issuance of the Record of Decision relating to the Company's 100%-owned Thacker Pass project located in Humboldt Country, Nevada.

First Quantum Minerals (FM.TO) is 5.2%. Tecsys Inc (TCS.TO), Parex Resources (PXT.TO), TFI International (TFII.TO), Teck Resources (TECK.B.TO), Newmont Corporation (NGT.TO), Methanex Corporation (MX.TO) and Imperial Oil (IMO.TO) are up 2 to 4%.

West Fraser Timber (WFG.TO), Canadian Natural Resources (CNQ.TO) and Kinaxis Inc (KXS.TO) are also notably higher.

Coveo Solutions (CVO.TO) is plunging more than 12%. The company reported a net loss of $10.0 million for the third quarter, as against net income of $426.3 million in the year-ago quarter. Net income in the comparable period was impacted by a non-cash gain of $269.2 million and an associated income tax recovery of $184.4 million, both related to the Company's preferred shares converted immediately prior to the initial public offering of the Company in November 2021.

Telus International (TIXT.TO), Finning International (FTT.TO), Shopify Inc (SHOP.TO), Docebo Inc (DCBO.TO), Nutrien (NTR.TO), Cogeco Inc (CGO.TO), Cogeco Communications (CCA.TO), Cargojet (CJT.TO) and Descartes Systems Group (DSG.TO) are down 1 to 3.4%.

FirstService Corporation (FSV.TO) reported consolidated revenues of $1.02 billion for the fourth quarter of 2022, a 19% increase relative to the same quarter in the prior year. The stock is up marginally.

Cineplex Inc. (CGX.TO) is gaining about 2.75%. The company reported a net income of $10.2 million for the fourth quarter of 2022, as against a net loss of $21.8 million in the fourth quarter of the previous year.

On the economic front, Canada posted a trade deficit of C$ 160 million in December 2022, down from an upwardly revised shortfall of C$ 220 million in the previous month.

Total exports fell 1.2% over a month earlier to C$ 63.0 billion in December, the lowest level since February 2022. Imports fell 1.3% to C$ 63.1 billion, the lowest level since March 2022.