Canadian Market Up Marginally In Cautious Trade

(RTTNews) - The Canadian market is up marginally Wednesday afternoon with investors largely making cautious moves ahead of U.S. inflation data. Weak oil prices weigh on energy stocks, limiting market's upside. The benchmark S&P/TSX Composite Index is up 19.00 points or 0.09% at 20,989.98. The index has been moving in a very narrow range since this morning.

Technology stocks are finding good support. Hut 8 Corp (HUT.TO) is gaining 5.4% and Bitfarms (BITF.TO) is up nearly 5%. Celestica (CLS.TO) is rising 3% and Docebo Inc (DCBO.TO) is up 2.3%. Descartes Systems Group (DSG.TO), Open Text Corp (OTEX.TO), Lightspeed Commerce (LSPD.TO) and CGI Inc (GIB.A.TO) are up 1 to 2%.

Consumer discretionary stock Aritzia Inc (ATZ.TO) is gaining 2.3%. Restaurant Brands International (QSR.TO), Linamar Corporation (LNR.TO) and Magna International (MAG.TO) are up 1.5%, 1.4% and 1.2%, respectively.

Badger Infrastructure (BDGI.TO), Element Fleet Management (EFN.TO), Air Canada (AC.TO) and Stantec Inc (SNT.TO) are the major gainers in the industrials sector.

In the healthcare sector, Tilray Inc (TLRY.TO) is down 8.8%, extending losses from the previous session.

Energy stock Birchcliff Energy (BIR.TO) is down more than 4%. Tourmaline Oil Corp (TOU.TO), Enerplus Corp (ERF.TO), Prairiesky Royalty (PSK.TO), Vemilion Energy (VET.TO) and Crescent Point Energy (CPG.TO) are down 1.5 to 2%.

Africa Oil Corp (AOI.TO) is rising more than 6% after the company said its investee signed a farmout agreement with a subsidiary of TotalEnergies for a stake in offshore Namibia interests.

Shawcor (MATR.TO) and Secure Energy Services (SES.TO) are up 2.3% and 2.1%, respectively.