(RTTNews) – After opening notably weak and slipping further down subsequently, the Canadian market staged a good recovery Friday morning and was down just marginally a little past noon with several stocks, except those from the technology sector, finding good support at lower levels.
Worries about escalating tensions in the Middle East rendered the mood cautious. Energy stocks found decent support as oil prices climbed higher amid supply concerns.
The benchmark S&P/TSX Composite Index was diwb 39.37 points or 0.11% at 35,300.78 a few minutes past noon. Earlier, the index dropped to a low of 35,034.03, losing more than 300 points in the process.
Suncor Energy, Arc Resources, Cenovus Energy, International Petroleum Corporation, Canadian Natural Resources and Imperial Oil gained 1%-2%.
Westshore Terminals, Wesdome Gold Mines, Finning International, Methanex, Extendicare, Lundin Gold, Quebecor, Toromont Industries, Bombardier, Hydro One, ATCO, Osisko Gold Royalties and Dundee Products climbed 1.5%-4%.
Docebo Inc. shares gained more than 8%. The AI powered workforce company announced that its Board of Directors has approved for a substantial issuer bid under which the company will offer to repurchase for cancellation up to $70 million of its outstanding common shares for $20.40 per common share.
Docebo expects total revenue for the second quarter to be between $68.3 million and $68.5 million, which is higher than last year’s $57.1 million.
Aecon Group Inc shares are up 1.5%. The company has announced that Red River Biosolids Partners, an Aecon-led consortium with MWH Constructors and Oscar Renda Contracting, has received a C$815 million contract from the City of Winnipeg after a collaborative development phase.
Equinox Gold fell 6.5%. Ero Copper, Descartes Systems Group, Thomson Reuters, Parex Resources, Shopify, Stella-Jones, Aritzia, Ballard Power Systems, Kelt Exploration, Canfor and NovaGold Resources shed 2%-3.1%.
