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TSX Up Firmly In Positive Territory; Energy, Mining Stocks Shine

The Canadian stock market moved higher Wednesday morning, led by gains in energy, materials and information technology shares, even as the mood remained somewhat cautious ahead of the monetary policy meetings of the European Central Bank and the Federal Reserve.

Positive reaction to China's decision to grant tariff exemptions for 16 types of U.S.-made products as a sign of goodwill ahead of the next round of trade talks pushed stock prices higher.

The benchmark S&P/TSX Composite Index was up 57.50 points, or 0.35%, at 16,594.84 a little before noon.

Energy shares Ensign Energy Services (ESI.TO), ARC Resources (ARX.TO), Precision Drilling Corp (PD.TO), Encana Corp (ECA.TO), Baytex Energy (BTE.TO), Vermilion Energy (VET.TO), Enerplus Corp (ERF.TO) and Kelt Exploration (KEL.TO) gained 3 to 4%.

Among the stocks in the Materials Index, Oceanagold Corp (OGC.TO) gained nearly 7%. First Majestic Silver (FR.TO), MAG Silver Corp (MAG.TO), Yamana Gold (YRI.TO), Iamgold Corp (IMG.TO), Endeavour Mining (EDV.TO), Alamos Gold (AGI.TO), Agnico Eagle Mines (AEM.TO), Novagold (NG.TO) and Teck Resources (TECK.B.TO) moved up 2 to 4%.

Among information technology stocks, BlackBerry (BB.TO) gained 4.4%. Photon Control (PHO.TO), Sierra Wireless (SW.TO), Shopify Inc. (SHOP.TO), Descartes Systems Group (DSG.TO) and Kinaxis Inc. (KXS.TO) moved up 1 to 2.3%.

In the financial space, Laurentian Bank (LB.TO) advanced 2.5%. Power Corporation of Canada (POW.TO), Canadian Imperial Bank of Commerce (CM.TO), Manulife Financial (MFC.TO) and Power Financial Corp (PWF.TO) gained 1 to 1.7%. National Bank of Canada (NA.TO) and Bank of Nova Scotia (BNS.TO) also posted solid gains.

Roots Corporation (ROOT.TO) is down more than 14% after the company reported a loss of nearly $9.7 million or $0.23 per basic share in the second quarter of 2019, compared to net loss of $4.1 million, or $0.10 per basis share in the second quarter of previous financial year.

Canopy Rivers Inc. (RIV.TO) has announced that it has formed a Strategic Advisory Board consisting of business leaders that will provide guidance to the company's executive team to help build and strengthen its global portfolio of leading cannabis companies. The stock is down by about 2%.

SNC-Lavalin Group (SNC.TO) has gained nearly 2%. According to reports, a unit of Spain't Ferrovial S.A. has appealed against a Canadian court decision over SNC's former 10.01% stake in a toll highway.

In economic news, data released by Statistics Canada this morning showed Canadian industries operated at 83.3% of their production capacity in the second quarter of 2019, above an upwardly revised 81.1% in the previous quarter and the highest level in a year.

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