Canadian Market Down Marginally; Technology Stocks Moving Up

(RTTNews) - The Canadian market, which slipped into the red after opening slightly up Monday morning, continues to languish in negative territory in afternoon trades.

Amid a lack of triggers, investors largely refrain from making significant moves. Healthcare, energy and materials shares are weak, while information technology stocks are moving up.

The benchmark S&P/TSX Composite Index is down 21.70 or 0.11% at 20,622.94, coming off an early low of 20,555.24.

Information technology shares Lightspeed Pos (LSPD.TO), Tecsys Inc (TCS.TO) and Hut 8 Mining Corp (HUT.TO) are gaining 4.2%, 3.3% and 3%, respectively. Absolute Software Corp (ABST.TO), CGI Group (GIB.A.TO), Shopify Inc (SHOP.TO), Kinaxis Inc (KXS.TO) and Dye & Durham (DND.TO) are up 1.3 to 2.1%.

Healthcare stocks Aurinia Pharmaceuticals (AUP.TO), Tilray Inc (TLRY.TO) and Canopy Growth Corp (WEED.TO) are down 3.5%, 2.5% and 1.3%, respectively.

In the energy space, Imperial Oil (IMO.TO), Tourmaline Oil Corp (TOU.TO) and Parex Resources (PXT.TO) are down 1 to 1.2%.

Enerplus Corp. (ERF.TO) announced that it has entered into a definitive agreement to sell certain non-strategic interests in the Williston Basin for total consideration of $115 million. In addition to the total consideration, Enerplus will receive up to $5 million in contingent payments if the WTI oil price averages over $65 per barrel in 2022 and over $60 per barrel in 2023. The effective date of the transaction is July 1, 2021. The stock is up marginally.

Among materials shares, New Gold Inc. (NGD.TO) is declining 6.5%, Iamgold (IMG.TO) is down 4% and Novagold (ND.TO) is lower by about 3%. MAG Silver (MAG.TO), Eldorado Gold (ELD.TO), Yamana Gold (YRI.TO) and Centerra Gold (CG.TO) are down 2.5 to 2.8%.