Canadian Market Down Slightly In Cautious Trade

(RTTNews) - The Canadian stock market is modestly lower around noon on Tuesday, led by losses in healthcare and information technology sections.

Despite recent positive developments such as the signing of a massive $2.3 trillion stimulus plan by U.S. President Donald Trump and a post-Brexit trade deal agreement between European Union and the U.K., the mood in the Canadian market is somewhat cautious.

The benchmark S&P/TSX Composite Index is down 30.52 points or 0.17% at 17,593.36 a few minutes before noon.

The Capped Healthcare Index is down 3.7%. Aurora Cannabis (ACB.TO), Canopy Growth Corp (WEED.TO), Cronos Group (CRON.TO) and Aphria Inc. (APHA.TO) are down 5 to 6%. Trillium Therapeutics (TRIL.TO) and Aurinia Pharmaceuticals (AUP.TO) are down 2% and 1.5%, respectively.

Bausch Health Companies (BHC.TO) is declining 3.3%. The company said Tuesday that it will pay down an additional $275 million of its senior secured term loans on December 31, 2020, using the cash on hand and cash generated from operations. Post payment of this sum, the company will have no debt maturities or mandatory amortization payments until 2024.

Among information technology stocks, Sierra Wireless (SW.TO) is down nearly 5%, Shopify Inc. (SHOP.TO) is declining 4.4% and BlackBerry (BB.TO) is down 4.2%.

Canadian Tire Corporation (CTC.TO), Franco-Nevada Corporation (FNV.TO), CargoJet (CJT.TO), West Fraser Timber (WFT.TO), Ritchie Bros Auctioneers (RBA.TO) and BRP Inc. (DOO.TO) are among the prominent losers from other sectors.

Among the gainers, Canadian Pacific Railway (CP.TO), Magna International (MG.TO), Docebo Inc. (DCBO.TO), MAG Silver Corp (MAG.TO) and Air Canada (AC.TO) are up 1 to 3%.