Plus   Neg

Canadian Market Adding More Gains After Steady Start

The Canadian stock market hit yet another high as shares edged higher Thursday morning amid hopes yesterday's phase one trade agreement between the U.S. and China will help revive growth in the world's second largest economy, which in turn will positively impact growth across the globe.

Energy shares were among the prominent gainers. Select shares from consumer discretionary, utilities, real estate, information technology, telecommunications and financial sectors too posted notable gains.

Healthcare and materials shares were weak, while industrial stocks were slightly subdued.

The benchmark S&P/TSX Composite Index was up 61.40 points, or 0.35%, at 17,476.57 around noon, after having touched a new high at 17,480.18 earlier.

Encana Corp was rising more than 4.5%. Husky Energy (HSE.TO), Baytex Energy (BTE.TO), Enerflex (EFX.TO), PrairieSky Royalty (PSK.TO), Seven Generations Energy (VII.TO) and Enerplus (ERF.TO) gained 3 to 4%.

Vermilion Energy (VET.TO), Whitecap Resources (WCP.TO), Crescent Point Energy (CPG.TO) and Tourmaline Oil Corp (TOU.TO) also rose sharply.

Consumer discretionary shares Gildan Activeweat (GIL.TO), Restaurant Brands International (QSR.TO), Dollarama (DOL.TO) and Canada Goose Holdings (GOOS.TO) gained 1 to 2%.

Among cannabis shares, Cronos Group (CRON.TO) declined nearly 4%, while Hexo Corp (HEXO.TO), Aphria Inc. (APHA.TO) and Canopy Growth Corp (WEED.TO) shed 2 to 2.5%.

Information technology shares Celestica Inc. (CLS.TO), Photon Control (PHO.TO) and Quarterhill (QTRH.TO) gained 2 to 3%. Sierra Wireless (SW.TO) and BlackBerry (BB.TO) lost 1.9% and 1.4%, respectively.

Bombardier Inc (BBD.B.TO) shares plunged nearly 30% after the company said it expects full-year results to be lower than previously forecast, hurt partly by challenging rail projects.

For comments and feedback contact: editorial@rttnews.com

Follow RTT