Canadian Market Recovers After Early Setback, Ends Just Marginally Down

(RTTNews) - Canadian stocks tumbled after a slightly flat start Tuesday morning, but recovered gradually as the day's session progressed and eventually ended with a marginal loss.

The market dropped to the session's low around noon, and then kept paring losses on bargain hunting.

The mood in the market was cautious as investors awaited key U.S. inflation data, and the European Central Bank's monetary policy this week.

The benchmark SMI, which was down by about 235 points at 22,791.55 at noon, ended the day's session with just a marginal loss of 24.06 points or 0.1% at 23,003.09.

Materials, healthcare, real estate and technology stocks were among the prominent gainers, while energy and consumer discretionary stocks declined sharply.

Canadian Natural Resources (CNQ.TO), Alimentation Couche-Tard (ATD.TO), TC Energy Corporation (TRP.TO), Suncor Energy (SU.TO), Imperial Oil (IMO.TO), BCE Inc (BCE.TO), Cenovus Energy (CVE.TO), Dollarama Inc (DOL.TO), Telus Corp (T.TO), Nutrien (NTR.TO) and Magna International (MG.TO) were among the major losers.

Lundin Gold (LUG.TO), Celestica Inc (CLS.TO), Endeavour Mining (EDV.TO), Quebecor (QBR.TO), Pan American Silver Corp (PAAS.TO), IA Financial Corporation (IAG.TO), Alamos Gold (AGI.TO), Opex Text Corporation (OTEX.TO), First Quantum Minerals (FM.TO), Kinross Gold Corp (K.TO) and Power Corporation of Canada (POW.TO) rallied sharply.

WSP Global (WSP.TO), Wheaton Precious Metals (WPM.TO), Fairfax Financial Holdings (FFH.TO), Franco-Nevada Corp (FNV.TO), Barrick Gold Corporation (ABX.TO) and Agnico Eagle Mines (AEM.TO) also posted strong gains.

Centamin plc (CEE.TO) shares soared 23.5%. The company reported gold production of 93,278 ounces or oz in the second quarter, and gold sales of 102,563 oz from the Sukari Gold Mine.