(fxcue news) - The Canadian market is modestly higher around noon on Thursday with shares from energy and technology sectors posting strong gains. A sell-off in materials section is limiting market's upside. The mood in the market is quite cautious amid concerns about global economic growth. Data from the U.S. showing drop in construction spending, a contraction in manufacturing activity and an increase in weekly jobless claims, and continued deterioration in Canadian manufacturing activity are weighing on sentiment. The benchmark S&P/TSX Composite Index was down 10.17 points or 0.04% at 24,831.51 a few minutes past noon. The index, which dropped to 24,750.19 in early trades, climbed to 24,961.77 subsequently, before paring gains. In the energy sector, Baytex Energy is rising more than 6%. Enerflex, Cenovus Energy, Precision Drilling Corp., International Petroleum Corp, Advantage Oil & Gas, MEG Energy, Canadian Natural Resources and Vermilion Energy are gaining 2 to 3.5%. In the technology section, Celestica Inc is rising nearly 8%. Bitfarms, Coveo Solutions, Shopify, Quarterhill and Sylogist are up 2.7 to 4.3%. Materials stock Alamos Gold is tanking more than 12% on weak results. The company said its adjusted first-quarter earnings rose to $59.8 million, from $51.2 million a year ago. Earnings per share was 14 cents in the latest quarter, compared to 13 cents in the year-ago quarter. Analysts had expected EPS to come in at 19 cents. Orla Mining, Aya Gold & Silver, First Majestic Silver Corp., Torex Gold Resources, Wesdome Gold Mines, Endeavour Silver Corp., SSR Mining, MAG Silver, Equinox Gold and B2Gold Corp are down 4 to 7%. Data from S&P Global said the Canada Manufacturing PMI fell to 45.3 in April of 2025 from 46.3 in the previous month, pointing to a third successive deterioration in factory activity and its lowest reading since May 2020.