After edging up slightly at the start, the Canadian stock market retreated and was modestly lower at noon with investors making cautious moves amid concerns about U.S.-China trade dispute and global economic slowdown.
Cannabis shares were up sharply, extending recent gains. A few stocks from consumer staples section also gained in strength.
The benchmark S&P/TSX Composite Index was down 36.50 points, or 0.22%, at 16,969.12 a few minutes past noon. The index, which edged up to 17,019.53 at the start, declined to a low of 16,950.79 subsequently.
The Capped Healthcare Index climbed up 6.6%. Hexo Corp. (HEXO.TO) soared nearly 40%. Canopy Growth Corp (WEED.TO) zoomed 18%, Aurora Cannabis Inc. (ACB.TO) climbed 17%, Cronos Group Inc. (CRON.TO) spurted 16% and Aphria Inc. (APHA.TO) gained about 12%.
Organigram Holdings (OGI.TO) and Green Organic Dutchman Holdings (TGOD.TO) gained 23% and 22%, respectively. Village Farms International (VFF.TO) and Horizons Marijuana Life Sciences (HMMJ.TO) moved up 10% and 11%, respectively.
Among other gainers in the market, Canada Goose Holdings (GOOS.TO), Metro Inc. (MRU.TO) and George Weston (WN.TO) moved up 1.7 to 2%.
Magna International (MG.TO), Nutrien (NTR.TO), FirstService Corporation (FSV.TO), Canadian National Railway (CNR.TO) and West Fraser Timber (WFT.TO) lost 1 to 2%.
In economic news, data released by payroll services provider ADP showed Canada lost 22,600 jobs in October, driven by a decline in hiring in education and health care as well as the trade, transportation, utilities, natural resources and mining sectors.
On U.S.-China trade front, a report from Reuters said on Wednesday that completion of a phase one U.S.-China trade deal could slide into next year.
Meanwhile, according to media reports today, Chinese Vice Premier Liu He has invited U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin to Beijing for further negotiations.
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