Canadian Market Up Slightly In Cautious Trade

(RTTNews) - The Canadian market is modestly higher, recovering from some early weakness, amid cautious moves by investors ahead of the Federal Reserve's monetary policy announcement, due later in the day.

Shares from utilities, technology, industrials, healthcare and communications sectors are finding support, while energy and materials shares are mostly subdued.

The benchmark S&P/TSX Composite Index is up 29.43 points or 0.15% at 20,052.89 about a quarter past noon. The index, which dropped to 19,981.14 in early trades, climbed to 20,081.79 before paring some gains.

Crew Energy (CR.TO), Tamarack Valley Energy (TVE.TO) and Air Canada (AC.TO) are up 3.5%, 2.3% and 1.8%, respectively, on huge volumes.

Birchcliff Energy (BIR.TO, Argonaut Gold (AR.TO) and Brookfield Corporation (BN.TO) have also moved up sharply on strong volumes.

Canopy Growth Corporation (WEED.TO), Athabasca Oil Corp (ATH.TO), Kinross Gold Corp (K.TO) and Suncor Energy (SU.TO) are down 0.7 to 2.5%.

In economic news, manufacturing sales in Canada rose 2.8% month-over-month in October of 2022, compared to the preliminary estimate of 2% and following an upwardly revised 0.1% increase in the prior month.