Canadian Shares Paring Some Gains After Bright Start

(RTTNews) - After opening on a bright note Friday morning, tracking positive cues from Europe and higher crude oil prices, the Canadian market has retreated and pared some gains with investors turning a bit cautious at higher levels.

Comments from U.S. President Donald Trump that he remains hopeful of a U.S.-China trade deal contributed to the positive opening in the market.

Trump said he will meet with Chinese President Xi Jinping at the G20 summit next month.

"And I think things, probably, are going to happen with China fast because I can't imagine that they can be thrilled with thousands of companies leaving their shores for other places," Trump said in remarks to farmers impacted by the escalating trade dispute.

However, his comment that Huawei, the Chinese tech company is "very dangerous" from a security standpoint, has raised uncertainty about any quick solution to the trade conflict between the world's two largest economies.

Energy stocks, which got off to a firm start, have come off their highs, with a few even slipping into the red. Consumer staples shares are the other notable losers.

Financial and healthcare stocks are finding some support. Industrial, information technology and mining stocks are a bit sluggish.

Worries about Brexit, the resignation announcement from British Prime Minister Theresa May and crude oil's retreat dragged the market down from higher levels.

The benchmark S&P/TSX Composite Index, which rose to 16,245.83, gaining over 80 points in the process, is now up 28.28 points, or 0.17%, at 16,192.89.

On Thursday, the index ended down 162.74 points, or 1%, at 16,164.61.

Cannabis stock Aphria Inc. (APHA.TO) is up nearly 8.5% on strong volumes. The Aphria counter has clocked a volume of nearly 2.9 million shares so far in the session.

Hexo Corp. (HEXO.TO) is rising 2.3% and Aurora Cannabis (ACB.TO) is up 0.75%.

Encana Corporation (ECA.TO) is down 1.6%, ARC Resources (ARX.TO) is down 2.8%, Baytex Energy Corp. (BTE.TO) is declining 2.4%, Precision Drilling Corporation (PD.TO) is lower by 1.6%, Cenovus Energy (CVE.TO) is declining 1% and Crescent Point Energy (CPG.TO) is down 0.6%, while MEG Energy Corp. (MEG.TO) and Canadian Natural Resources (CNQ.TO) are both lower by about 0.5%.

In the financial space, Royal Bank of Canada (RY.TO) is gaining about 1%, Toronto-Dominion Bank (TD.TO) is up 0.5% and Canadian Imperial Bank of Commerce (CM.TO) is advancing 0.3%. Manulife Financial Corporation (MFC.TO) is up 0.5%.

In the materials space, IAM Gold Corporation (IMG.TO) is down 1.8% and Barrick Gold Corporation (ABX.TO) is lower by 1.6%. First Quantum Minerals (FM.TO) is rising 0.7%.

Shares of media and content company Corus Entertainment Inc. (CJR.B.TO) are down by about 5%.

U.S. stocks have turned flat after a solid start. The Dow and the Nasdaq are up just 0.15% and 0.13%, respectively. The S&P 500 is hovering around previous close.

Crude oil futures for June are down $0.19, or 0.33%, at $57.72 a barrel.

Gold futures for June are lower by $2.00, or 0.16%, at $1,283.40 an ounce.