Canadian Shares Pare Early Gains In Cautious Trade

(RTTNews) - The Canadian stock market faltered after a positive start Wednesday as losses in energy and industrial sections offset gains in healthcare, mining and information technology sectors.

The mood was largely cautious amid concerns about U.S.-China trade issues. Investors were also digesting the data on Canada's inflation in the month of June and a report on manufacturing sales for the month of May.

The benchmark S&P/TSX Composite Index was flat at 16,503.19 at noon, after having slipped to a low of 16,480.13 from an early high of 16,534.92.

In the information technology space, Shopify Inc. (SHOP.TO) climbed by nearly 5.5%.

Kinaxis Inc. (KXS.TO), Evertz Technologies (ET.TO), Sierra Wireless (SW.TO) and CGI Group Inc. (GIB.A.TO) gained 1 to 1.7%.

Among materials shares, Fortuna Silver Mines (FVI.TO) soared nearly 11%. Turquoise Hill Resources (TRQ.TO), Oceanagold Corp. (OGC.TO), First Majestic Silver Corp. (FR.TO), MAG Silver Corp. (MAG.TO) and Pan American Silver Corp. (PAAS.TO) gained 5 to 8%.

Yamana Gold (YRI.TO), New Gold Inc. (NGD.TO), Wheaton Precious Metals (WPM.TO), SSR Mining (SSRM.TO), Barrick Gold (ABX.TO), Eldorado Gold (ELD.TO), B2Gold Corp. (BTO.TO), Detour Gold Corp. (DGC.TO), Agnico Eagle Mines (AEM.TO) and Kirkland Lake Gold (KL.TO) also rose sharply.

Among energy shares, ARC Resources (ARX.TO), Enerplus Corp. (ERF.TO), Precision Drilling Corporation (PD.TO), PrairieSky Royalty (PSK.TO), Vermilion Energy (VET.TO) and Encana Corporation (ECA.TO) lost 1.3 to 3%.

In the industrial space, Canadian National Railway (CNR.TO), Bombardier Inc. (BBD.B.TO), Cargojet (CJT.TO) and Toromont Industries (TIH.TO) were notably lower.

Shares of Lightspeed POS Inc. (LSPD.TO) rose 3.3% after the company announced that it has completed the acquisition of Switzerland-based iKentoo, a POS solutions provider to small and medium-sized businesses operating within the hospitality industry.

Shares of The Supreme Cannabis Company, Inc. (FIRE.TO) soared nearly 13% after the company announced that it has entered into a definitive agreement to acquire all of the issued and outstanding shares of privately-held Truverra Inc. The Transaction is valued at 14.7 million common shares of Supreme Cannabis, giving the Transaction an approximate dollar value of $20,000,000 as of the Company's closing price on July 16, 2019.

Statistics Canada's report said inflation slowed in June with consumer product index rising 2% in the month, after a 2.4% increase in May. The CPI was down 0.1% in June on a seasonally-adjusted monthly basis.

According to another report, manufacturing sales increased by 1.6% to $58.9 billion in May, after falling 0.4% a month earlier.
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