Canadian Market Up Marginally In Cautious Trade

(RTTNews) - After a modest uptick and a subsequent retreat, the Canadian market rebounded into positive territory Friday morning, but is struggling to find support at higher levels, due largely to data showing a smaller than expected increase in jobs growth in August.

Data released by Statistics Canada before the opening bell showed the Canadian economy created 90,200 jobs in August, missing market expectations of a 100,000 rise.

Full Time Employment in Canada increased by 68,500 in August. Meanwhile, part-time employment in the country increased to 21,700 in August from 11,000 a month earlier.

The unemployment rate dropped to 7.1% in August, falling for the third straight month. In July, unemployment rate came in at 7.5%.

Healthcare stocks are weak. A few top stocks from consumer discretionary, energy and information technology sectors are up with strong gains. Stocks from other sectors are mixed in lackluster moves.

The benchmark S&P/TSX Composite Index is up 11.91 points or 0.06% at 20,717.18. The index touched a low of 20,643,55 and a high of 20,759.16.

Consumer discretionary stocks Great Canadian Gaming Corp (GC.TO) and Aritizia Inc. (ATZ.TO) are gaining 2.5% and 2.1%, respectively. Canada Goose Holdings (GOOS.TO), Restaurant Brands International (QSR.TO), Linamar Corp (LNR.TO), Spin Master Corp (TOY.TO), Sleep Country Canada Holdings (ZZZ.TO) and Magna International (MG.TO) are up 1 to 1.6%.

Energy stocks MEG Energy Corp (MEG.TO) and Tourmaline Oil Corp (TOU.TO) are up 3.3% and 2.8%, respectively. Whitecap Resources (WCP.TO), PrairieSky Royalty (PSK.TO) and Arc Resources (ARX.TO) are also up sharply.

Tecsys Inc (TCS.TO), up 5.8%, is the top gainer in the information technology space. Descartes Systems Group (DSG.TO) is gaining 3.5%. Dye & Durham (DND.TO), Kinaxis Inc. (KXS.TO) and Lightspeed Pos (LSPD.TO) are also up with strong gains.

In the healthcare section, Sienna Senior Living (SIA.TO), Canopy Growth Corp (WEED.TO), Aurora Cannabis (ACB.TO), Tilray Inc (TLRY.TO) and Organigram Holdings (OGI.TO) are down 2 to 2.7%.