Canadian Market Climbs Higher, Firmly On Course To End Session On Strong Note

The Canadian market is up firmly in positive territory Monday afternoon thanks to strong gains in energy and materials sections.

Several stocks from consumer discretionary, consumer staples and industrials sectors are also up with strong gains.

The market has moved higher today despite worries about slowing growth and soaring inflation. Gains in European markets and higher commodity prices contribute to the positive mood in the Canadian market.

The benchmark S&P/TSX Composite Index, which climbed to 19,085.04, was up 198.39 points or 1.05% at 19,059.75 a little while ago.

The Energy Capped Index is up nearly 3.4%. Vermilion Energy (VET.TO) and Advantage Oil & Gas (AAV.TO) both are gaining about 9%. Enerplus Corp (ERF.TO), Spartan Delta Corp (SDE.TO), Crescent Point Energy (CPG.TO), Canadian Natural Resources (CNQ.TO), Baytex Energy (BTE.TO), MEG Energy (MEG.TO), Nuvista Energy (NVA.TO) and Paramount Resources (POU.TO) are up 3 to 6%.

The Materials Capped Index is up 2%. Alamos Gold (AGI.TO) is gaining nearly 8%. Wesdome Gold Mines (WDO.TO), New Gold (NGD.TO), Seabridge Gold (SEA.TO), Interfor Corp (IFP.TO), Franco-Nevada Corp (FNV.TO), Agnico Eagle Mines (AEM.TO), Barrick Gold Corp (ABX.TO) and West Fraser Timber (WFG.TO) are gaining 3.5 to 7%.

Among consumer discretionary stocks, Mty Food Group (MTY.TO) is gaining 4.5%. Brp Inc (DOO.TO), Sleep Country Canada Holdings (ZZZ.TO), Canadian Tire Corp (CTC.A.TO), Spin Master Corp (TOY.TO), Linamar Corp (LNR.TO) and Restaurant Brands International (QSR.TO) are up 1.5 to 3%.

In the consumer staples section, Alimentation Couche Tard (ATD.TO) is up 3.2%. Weston George (WN.TO), Metro Inc (MRU.TO), Empire Company (EMP.A.TO) and Loblaw Co (L.TO) are gaining 1 to 2%.

In economic news, a report from Markit Economics said the S&P Global Canada Manufacturing PMI fell to 54.6 in June of 2022 from 56.8 in the previous month. The latest reading pointed to the 24th straight month of expansion in factory activity but at the slowest pace since January of 2021.

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