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Canadian Market Looks Poised For Firm Close

The Canadian market is up firmly in positive territory in late afternoon trade on Tuesday and looks well on course to end the session on a strong note thanks to strong gains in energy, materials, technology and financials sectors.

Shares from the rest of the sectors are turning in a mixed performance.

The benchmark S&P/TSX Composite Index is up 234.53 points or 1.13% at 20,926.75.

The Energy Capped Index is up 3.1%. Nuvista Energy (NVA.TO), Paramount Resources (POU.TO), Baytex Energy (BTE.TO), MEG Energy (MEG.TO), Vermilion Energy (VET.TO), Peyto Exploration (PEY.TO) and Advantage Oil & Gas (AAV.TO) are up 5 to 7%.

Birchcliff Energy (BIR.TO), Enerplus Corp (ERF.TO), Imperial Oil (IMO.TO), Freehold Royalties (FRU.TO), Arc Resources (ARX.TO), Canadian Natural Resources (CNQ.TO), Crescent Point Energy (CPG.TO), and Tourmaline Oil Corp (TOU.TO) are also up sharply.

The Materials Capped Index is up 1.8%. Ssr Mining Corp (SSRM.TO) is surging up 8.25%. Nutrien (NTR.TO) is up 5%.

Sandstorm Gold (SSL.TO), Canfor Corp (CFP.TO), Oceanagold (OGC.TO), Interfor Corp (IFP.TO), Fortuna Silver Mines (FVI.TO) and Endeavour Silver Corp (EDR.TO) are up 3 to 4%.

In the technology section, Sierra Wireless (SW.TO) and Softchoice Corp (SFTC.TO) are gaining 3.5% and 3%, respectively. Shopify Inc (SHOP.TO), CGI Group (GIB.TO) and Celestica Inc (CLS.TO) are up 2.2 to 2.5%.

Fairfax Financial Holdings (FFH.TO), which plunged sharply in the previous session, is the top gainer in the Financials Index today, rising 3.5%. Sprott Inc (SII.TO) is up nearly 3%. Laurentian Bank (LB.TO), National Bank of Canada (NA.TO), Bank of Montreal (BMO.TO), Bank of Nova Scotia (BNS.TO), Sun Life Financial (SLF.TO) and Royal Bank of Canada (RY.TO) are gaining 1 to 2%.

Thomson Reuters Corp. (TRI.TO) reported adjusted EBITDA of $600 million for the quarter ended March 2022, compared with $558 million a year ago. Adjusted EPS came in at $0.66 for the latest quarter, compared to $0.58 in the year-ago quarter. The stock is hovering around its previous closing price.

Restaurant Brands International Inc. (QSR.TO) reported adjusted net income of $295 million for the quarter ended March 2022, compared with $257 million in the corresponding quarter last year. The stock is down more than 2.5%.

Colliers International Group (CIGI.TO) shares are gaining nearly 4% after the company reported adjusted EBITDA of $121.5 million for the quarter ended March 2022, up 32% over adjusted EBITDA of $92.1 million a year ago.

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