Canadian Market Modestly Higher In Cautious Trade

(RTTNews) - The Canadian market is modestly higher a little past noon on Monday, recovering from early weakness, thanks to strong gains in some healthcare, technology and energy stocks.

Investors are largely making cautious moves, digesting the nation's GDP and producer prices data.

The benchmark S&P/TSX Composite Index is up 61.10 poins or 0.25% at 24,660.58 nearly half an hour past noon. The index, which opened marginally down at 24,566.27, dropped to 24,510.50 subsequently, before making it to positive territory.

According to a flash estimate, the Canadian GDP contracted for the first time in eleven month, declining by 0.1% from the previous month in November.

In October, the Canadian GDP expanded by 0.3%, revised higher from the flash reading of a 0.1% rise, after rising by a revised 0.2% in September.

Industrial product prices in Canada rose by 0.6% month-over-month in November, following a 1.2% increase in October. Producer prices increased 2.2% year-over-year in November, following a 1.1% rise in October.

Meanwhile, raw materials prices increased to 2% in November from -2.8% in October.

A separate data from Statistics Canada said that according to preliminary estimates, manufacturing sales in Canada likely rose 0.5% month-over-month in November, following a 2.1% rise in October.

Tilray Inc (TLRY.TO) is rising more than 10%. Bausch Health Companies (BHC.TO) is up nearly 1%.

Birchcliff Energy (BIR.TO), up 7.3%, is the biggest gainer in the Energy Capped Index. Paramount Resources (POU.TO) is up nearly 5% and Kelt Exploration (KEL.TO) is gaining 4%. International Petroleum Corp (IPCO.TO), Nuvista Energy (NVA.TO), Baytex Energy (BTE.TO), Arc Resources (ARX.TO), Advantage Oil & Gas (AAV.TO), Peyto Exploration (PEY.TO), Veren (VRN.TO) and Topaz Energy (TPZ.TO) are up 2.5 to 3.6%.

Technology stock Celestica Inc (CLS.TO) is up 3%. Open Text Corp (OTEX.TO), Computer Modelling Group (CMG.TO) and Constellation Software (CSU.TO) are gaining 1 to 1.4%.

Payfare Inc. (PAY.TO) is soaring nearly 80% after the company announced that it will be bought by 1517452 B.C. Ltd., an affiliate of Fiserv, Inc., for C$4.00 in cash per share, for total consideration of approximately C$201.5 million.