Canadian Market Pares Early Gains, Down Marginally In Cautious Trade

(RTTNews) - After opening on a positive note thanks to data showing a jump in retail sales, the Canadian stock market pared gains and slipped into negative territory Friday morning as the mood turned a bit cautious.

The benchmark S&P/TSX Composite Index, which advanced to 19,614.78 earlier in the session, is down 16.10 points or 0.08% at 19,526.85 about an hour past noon.

Materials shares are weak, tracking lower bullion prices. Real estate and consumer staples stocks are the other notable losers. Healthcare, industrials, telecom, financial, energy and technology stocks are exhibiting a mixed trend.

Lightspeed Pos (LSPD.TO), which plunged sharply on Thursday on weak results, is gaining nearly 6% now. Shopify Inc (SHOP.TO) is up by about 1.8%.

Canadian Pacific Railway (CP.TO) is gaining nearly 1.5%. Kansas City Southern is likely to ditch its merger agreement with Canadian Pacific Railway Ltd. in favor of a competing proposal from Canadian National Railway Co., according to reports. Shares of Canadian National Railway (CNR.TO) shares are down 1.6%.

Ballard Power Systems (BLDP.TO) is gaining more than 6.5%. Magna International (MG.TO), Canadian Tire Corporation (CTC.TO), Linamar Corporation (LNR.TO) and MTY Food Group (MTY.TO) are also up with strong gains.

Franco-Nevada Corporation (FNV.TO), Agnico Eagle Mines (AEM.TO) George Weston (WN.TO), Constellation Software (CSU.TO) and Cargojet Inc (CJT.TO) are down 1 to 2%.

Data from Statistics Canada showed retail sales in Canada rose by 3.6% in March, after rising by 4.8% in the previous month. Year-on-year, retail sales were up 23.7% in March, the data showed.

Retail sales ex-autos were up 4.3% in March after rising 4.8% in the previous month.

Wholesale sales in Canada likely decreased by 0.8% month-over-month in April, following a 2.8% rise in the previous month, according to preliminary estimates.