FX.co ★ Canadian Market Slightly Down In Cautious Trade

Canadian stocks display a mixed performance in lackluster trading on Thursday morning as investors proceed with caution, seeking directional cues.

The materials sector is showing weakness, with technology stocks among the notable decliners. However, some stocks in the communications and financial sectors are making gains.

The benchmark S&P/TSX Composite Index has dipped by 47.23 points or 0.21%, standing at 22,803.94 approximately a quarter before noon.

Tenaz Energy Corp (TNZ.TO) shares are surging by 36% following the company's announcement of an agreement to acquire all issued and outstanding shares of NAM Offshore B.V. for $180.33 million.

Meanwhile, Quebecor Inc (QBR.TO) has risen by 5.8%, and Canopy Growth Corporation (WEED.TO) is up by 5%. Other notable gainers include Versa Bank (VBNK.TO), K-Bro Linen Inc (KBL.TO), Hydro One (H.TO), Stelco Holdings (STLC.TO), Boyd Group Services (BYD.TO), Fairfax Financial Holdings (FFH.TO), and Tourmaline Oil Corp (TOU.TO), each advancing by 1% to 3%.

On the losing side, Teck Resources (TECK.B.TO) has fallen by 4.3%, and Celestica Inc (CLS.TO) is down by 2.7%. Other stocks declining include Shopify Inc (SHOP.TO), EQB Inc (EQB.TO), Restaurant Brands International (QSR.TO), Descartes Systems Group (DSG.TO), goeasy (GSY.TO), Dollarama (DOL.TO), and Thomson Reuters (TRI.TO), each dropping by 1% to 1.7%.