Canadian Stocks Give Back Ground After Early Upward Move

(RTTNews) - After an early move to the upside, Canadian stocks have given back ground over the course of the trading session on Wednesday.

The benchmark S&P/TSX Composite Index has pulled back well off its highs but currently remains up 19.53 points or 0.1 percent at 21,662.40.

The early upward move partly reflected bargain hunting, with the S&P/TSX Composite Index regaining ground after closing lower for five straight sessions and hitting its lowest levels in a month.

Buying interest has waned over the course of the session, however, as traders continue to express concerns about the outlook for interest rates.

Nonetheless, gold stocks continue to see significant strength on the day, driving the S&P/TSX Global Gold Index up by 1.4 percent. The strength in the sector comes despite a modest decrease by the price of gold.

Technology stocks also continue to see some strength, while healthcare and industrial stocks have shown notable moves to the downside.