Canadian Market Down Marginally As Technology, Materials Shares Drift Lower

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(RTTNews) – After moving higher in early trades thanks to gains in telecom and energy sections, the Canadian stock market slipped into negative territory Thursday morning.

Materials and information technology stocks are dragging the market down after telecom stocks lifted it up on the back of fairly strong results from Rogers Communications.

The mood remains cautious amid uncertainty about U.S. fiscal stimulus and the continued surge in coronavirus cases across the globe.

The benchmark S&P/TSX Composite Index, which fell to 16,148.64 after advancing to 16,293.80 in early trades, was down 19.51 points or 0.11% at 16,210.72 a little while ago.

Rogers Communications (RCI.B.TO) soared over 10%. Rogers reported a decrease in net income for the third quarter to C$512 million or C$1.01 per share from C$593 million or C$1.14 per share in the year-ago period. Adjusted earnings for the quarter were C$1.08 per share, compared to C$1.19 per share last year, the company said.

Among other gainers in the telecom space, Corus Communications Inc. (CJR.B.TO) shares are rising 8%. BCE Inc. (BCE.TO), Telus Corporation (T.TO) and Shaw Communications (SJR.B.TO) are up 1 to 1.4%.

Among energy shares, Seven Generations Energy (VII.TO), Vermilion Energy (VET.TO), Tourmaline Oil Corp (TOU.TO) and Whitecap Resources (WCP.TO) are up 3 to 6%.

Following sharp drop in gold and silver prices, materials shares are drifting lower. Kinross Gold (K.TO), Silvercrest Metals (SIL.TO), Endeavour Mining Corp (EDV.TO), Lundin Gold (LUG.TO), Wheaton Precious Metals (WPM.TO), Agnico Eagle Mines (AEM.TO) and Barrick Gold Corporation (ABX.TO) are down 2.5 to 5%.

Technology stocks Absolute Software (ABT.TO), Shopify Inc. (SHOP.TO), Enghouse Systems (ENGH.TO), BlackBerry (BB.TO), CGI Group (GIB.A.TO) and Celestica Inc. (CLS.TO) are down 1 to 3.4%.

In the financial section, Sun Life Financial Inc (SLF.TO) shares are up nearly 1.5%. Sun Life will buy a majority stake in alternative credit investment manager Crescent Capital Group LP for up to $338 million, according to the statements from the companies.

Bastion Balance Seoul, Korea.