Canadian Market Flat In Lackluster Trade

(RTTNews) - The Canadian stock market is hovering around the flat line after drifting down a bit in early trades on Friday, as investors largely refrain from making significant moves due to a lack of triggers.

The benchmark S&P/TSX Composite Index is up 5.98 points or 0.03% at 17,357.32 a few minutes before noon. The index touched a low of 17,316.81 and a high of 17,369.73.

Trading volumes are thin once again. The U.S. market, reopening after Thanksgiving Day holiday, edged higher in early trades, but buying interest is somewhat subdued as today's session will be a short one.

After recent euphoria over potential coronavirus vaccines from a few top drugmakers, questions are being raised about the efficacy of the vaccine developed by AstraZeneca Pharma and Oxford University. This has resulted in some uncertainty about chances of the coronavirus from AstraZeneca getting speedy U.S. and EU regulatory approval.

AstraZeneca Pascal Soriot told Bloomberg the British pharmaceutical giant is likely to run a new global trial of the vaccine candidate

Healthcare and information technology stocks are among the notable gainers in the Canadian market. Telecom and energy stocks are finding modest support, while materials and real estate stocks are weak.

Trillium Therapeutics (TRIL.TO) is up nearly 8%, topping the list of gainers in the Healthcare Index. Aphria Inc. (APHA.TO) is gaining about 3.2% and Aurinia Pharmaceuticals (AUP.TO) is up 2.3%. Cronos Group (CRON.TO) and Canopy Growth Corporation (WEED.TO) are up 1.3% and 1.1%, respectively.

Among technology stocks, Lighspeed Pos (LSPD.TO) is gaining more than 4.5%, BlackBerry (BB.TO) is up 3.4% and Sierra Wireless (SW.TO) is advancing 2.7%. Descartes Systems Group (DSG.TO) and Opex Text Corporation (OTEX.TO) are up 1.5% and 1.2%, respectively.

Seven Generations Energy (VII.TO), up 4.8%, is the top gainer in the Energy Index. Vermilion Energy (VET.TO) and Cenovus Energy (CVE.TO) are rising 1.7% and 1.1%, respectively.

In the materials section, Silvecorp Metals (SVM.TO), Ssr Mining (SSRM.TO), Wheaton Precious Metals (WPM.TO) and Barrick Gold Corporation (ABX.TO) are dwpm 2.5 to 3.1%. Teck Resources (TECK.B.TO) is rising nearly 3.5%.

Among the stocks in the financial space, Manulife Financial (MFC.TO), Sun Life Financial (SLF.TO) and Toronto-Dominion Bank (TD.TO) are up with modest gains, while Bank of Montreal (BMO.TO), Canadian Imperial Bank of Commerce (CM.TO), National Bank of Canada (NA.TO), Bank of Nova Scotia (BNS.TO) and Fairfax Financial Holdings (FFH.TO) are weak.

Bank of Canada Governor Tiff Macklem said on Thursday that Canada's economy could rebound faster than expected if consumer spending jumps in the wake of a successful Covid-19 vaccination effort.

Macklem also indicated the central bank could cut already record low interest rates even further, if the economy weakens amid a second wave of infections.