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Canadian Stocks Mostly Subdued In Cautious Trade

(RTTNews) - Canadian stocks were exhibiting a mixed trend Thursday morning with investors looking for direction and largely refraining from making significant moves.

The U.S. market is closed for Independence Day holiday and markets across Asia and Europe were mostly subdued amid concerns about global growth and uncertainty about a solution to the U.S.-China trade dispute anytime soon.

Expectations that the U.S. Federal Reserve and several other central banks across the globe might cut interest rates to support growth limited the market's decline.

The benchmark S&P/TSX Composite Index, moving in a very tight range, was down 14.96 points, or 0.09%, at 16,561.24, after opening at 16.570.25.

The index ended at 16,576.20 on Wednesday, gaining 104.91 points, or 0.64%, after having added 1% in the previous two sessions.

Information technology stock Exfo Inc. (EXF.TO) and industrials sector shares Air Canada (AC.TO), Tfi International (TFII.TO), Chorus Aviation (CHR.TO), Cargojet Inc. (CJT.TO) and Toromont Industries (TIH.TO) were up 1 to 2%.

Among bank stocks, CDN Western Bank (CWB.TO) and Toronto-Dominion Bank (TD.TO) were up with modest gains, while Royal Bank of Canada (RY.TO) and Bank of Montreal (BMO.TO) were down marginally.

In the energy space, Ensign Energy Services (ESI.TO), Enerplus Inc. (ERF.TO), MEG Energy (MEG.TO), ARC Resources (ARX.TO), Tourmaline Oil Corp. (TOU.TO) and Husky Energy (HSE.TO) moved higher.

On the other hand, Precision Drilling Corp. (PD.TO), Crescent Point Energy (CPG.TO), Cenovus Energy (CVE.TO), Enerflex (EFX.TO) and Encana Corporation (ECA.TO) lost 0.6 to 2%.

Among materials shares, New Gold Inc. (NGD.TO) soared nearly 6%. Ivanhoe Mines (IVN.TO), Semafo (SMF.TO), Alamos Gold (AGI.TO), Alacer Gold Corp. (ASR.TO), Kirkland Lake Gold (KL.TO) and West Fraser Timber (WFT.TO) gained 1 to 2%.

Oceanagold Corp. (OGC.TO) declined 4.7%. Hudbay Minerals (HBM.TO), Agnico Eagle Mines (AEM.TO) and Lunding Mining (LUN.TO) were also down in negative territory, albeit with less pronounced losses.

Cannabis shares Cronos Group (CRON.TO), CannTrust Holdings (TRST.TO), Canopy Growth Corp. (WEED.TO) and Aphria Inc. (APHA.TO) were lower by 0.3 to 1%. Aurora Cannabis (ACB.TO) edged up marginally, while Hexo Corp. (HEXO.TO) was little changed.

Consumer staples stocks Empire Co. (EMP.A.TO) and Alimentation Couche-Tard (ATD.B.TO) shed 1.3% and 1%, respectively, on profit taking after recent strong gains.

Consumer discretionary shares were also mostly subdued amid profit taking. Dollarama (DOL.TO), Aritzia Inc. (ATZ.TO), Canadian Tire Corporation (CTC.A.TO) and Hudsons Bay Company (HBC.TO) shed 0.5 to 0.8%.
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