Canadian Market Remains Firmly In Positive Territory As Energy Stocks Post Strong Gains

The Canadian stock market is firmly entrenched in positive territory in afternoon trades on Wednesday, after opening on a bright note.

Energy stocks are up sharply thanks rising crude oil prices. Healthcare, materials and financial shares are also among the prominent gainers. Real estate, industrials and consumer discretionary shares are also finding some support, while telecom and consumer staples shares are weak.

The benchmark S&P/TSX Composite Index is up 157.41 points or 0.8% at 20,100.12 about an hour past noon. The index touched a high of 20,144.57

Vermilion Energy (VET.TO), up 7.2%, is the top gainer in the Energy Index. Crescent Point Energy (CPG.TO) is climbing 5.6%, MEG Energy (MEG.TO) is surging up 4.4% and Whitecap Resources (WCP.TO) is gaining 4.3%. Cenovus Energy (CVE.TO), Parex Resources (PXT.TO), Suncor Energy (SU.TO), Enerplus Corp (ERF.TO), Canadian Natural Resources (CNQ.TO) and Tourmaline Oil Corp (TOU.TO) are also up sharply.

Among healthcare stocks, Trillium Therapeutics (TRIL.TO), Tilray Inc (TLRY.TO), Organigram Holdings (OGI.TO) and Aurora Cannabis (ACB.TO) gained 1.8 to 3.4%.

Silvercrest Metals (SIL.TO), Turquoise Hill Resources (TRQ.TO), Lithium Americas Corp (LAC.TO), Capstone Mining Corp (CS.TO) and Canfor Corp (CFP), gaining between 5 and 6%, are the major gainers in the materials section.

Financial shares Manulife Financial (MFC.TO), Sun Life Financial (SLF.TO), Laurentian Bank (LB.TO) and CDN Western Bank (CWB.TO) are up 1 to 2%.

Canadian National Railway Inc. (CNR.TO) shares are up 1.6%. The company reported diluted earnings per share of C$1.46 in the second quarter, an increase of 90% over the year-ago quarter. Adjusted diluted EPS came in at C$1.49, an increase of 16% over the same quarter last year.

In economic news, data from Statistics Canada showed prices of new homes in Canada edged up 0.6% over a month earlier in June, easing from a 1.4% rise in May.

On an annual basis, new house prices jumped 11.9% in June, one of the steepest increases on records, continuing an upward trend that began in December of 2020.

For comments and feedback contact: editorial@rttnews.com

Follow RTT