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Canadian Stocks Exhibiting Weakness In Cautious Trade

(RTTNews) - The Canadian stock market opened lower Wednesday morning, tracking weak cues from Asian and European markets where stocks drifted lower amid uncertainty about Brexit and worries about global economic slowdown.

Data showing a drop in Canadian wholesale sales in the month of August, slightly lower earnings reported by Rogers Communications and a downward revision in 2019 earnings guidance by Canadian National Railway too weighed on sentiment.

The benchmark S&P/TSX Composite Index was down 35.30 points, or 0.22%, at 16,356.22 a little before noon, after advancing to 16,395.34 in early trades.

Telecommunications stock Rogers Communications Inc. (RCI.B.TO) plunged 7%. reported adjusted net income of $622 million, or $1.19 per share, for the quarter ended September 2019, compared to net income of $625 million, or $1.21 per share, in the year-ago quarter.

BCE Inc. (BCE.TO) and Telus Corp (T.TO) shed 2.5% and 2.4%, respectively. Shaw Communications (SJR.B.TO) lost about 2%, while Cogeco Communications (CCA.TO) and Qubecor Inc. (QBR.B.TO) were lower by 1.6% and 1.4%, respectively.
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