Canadian Stocks Turning In Mixed Performance In Lackluster Trade

(RTTNews) - The Canadian market is turning in a mixed performance on Monday with investors largely making cautious moves, looking for directional clues.

With major U.S. tech companies, including Amazon, Microsoft, Alphabet and Meta Forms set to release their quarterly earnings this week, investors seem reluctant to make significant moves.

The benchmark S&P/TSX Composite Index is down 21.12 points or 0.1% at 20,672.03.

Energy stocks are in demand. Technology stocks are weak, while shares from the rest of the sectors are turning in a mixed performance.

Energy stocks Precision Drilling Corp (PD.TO) is up 4.3%. Nuvista Energy (NVA.TO), Enerplus Corp (ERF.TO), Peyto Exploration and Development Corp (PEY.TO), Baytex Energy (BTE.TO), Vermilion Energy (VET.TO) and Crescent Point Energy (CPG.TO) are gaining 2.5 to 3.4%.

In the technology sector, Softchoice Corp (SFTC.TO) is down more than 5%. Converge Technology Solutions (CTS.TO), BlackBerry (BB.TO), Coveo Solutions (CVO.TO), Shopify Inc (SHOP.TO), Absolute Software Corp (ABST.TO) and Enghouse Systems (ENGH.TO) are down 1.6 to 3.2%.

In economic news, data from Statistics Canada showed new home prices in Canada were unchanged from the previous month in March of 2023, after falling 0.2% in the prior month. Prices rose by 0.2% from the previous year in March of 2023, the least since January of 2020.

A separate data from Statistics Canada showed wholesale sales in Canada fell 0.4% month-over-month in March 2023, after a 1.7% drop in February.