Canadian Market Holding Gains, Headed For Firm Close

Despite struggling a bit early on in the session, Canadian stocks are firmly up in positive territory Thursday afternoon thanks to strong buying at several counters from across various sectors.

Global markets gained amid easing worries about rate hikes after Fed Chair Jerome Powell hinted at a slowdown in the pace of interest rate hikes at the upcoming meetings, aiding sentiment in the Canadian market.

Shares from consumer discretionary, consumer staples, real estate, utilities, energy, materials and industrials sectors are up with impressive gains. Shares from technology and communications sections are also notably higher.

The benchmark S&P/TSX Composite Index is up 176.88 points or 0.92% at 19,431.44, after climbing to 19,46187. The index touched a low of 19,182.44 earlier in the session.

TC Energy Corporation (TRP.TO) today announced that its Board of Directors declared a quarterly dividend of $0.90 per common share for the quarter ending Sep. 30, 2022, on the Company's outstanding common shares. The stock is down nearly 2%.

Cenovus Energy (CVE.TO) is gaining 2.3% after the company reported second-quarter net earnings of $2.43 billion, compared to $1.63 billion in the year-ago quarter.

Fortis Inc. (FTS.TO) shares are down marginally. The company reported adjusted net earnings of $0.57 per common share for the second quarter of the current financial year, up from $0.55 in the second quarter of 2021.

Whitecap Resources (WCP.TO) reported net income of $380.7 million for the quarter ended June 30, 2022, compared with $18.56 million in the year-ago quarter. The stock is down by about 0.7%.

ATCO Ltd. (ACO.X.TO) today announced second quarter 2022 adjusted earnings of $92 million ($0.81 per share), compared with $80 million ($0.70 per share) in the second quarter of 2021. The stock is gaining more than 2%.

Data from Statistics Canada showed average weekly earnings of non-farm payroll employees in Canada rose 2.5% year-on-year to C$ 1,159.9 in May of 2022, slowing from a 3.2% increase in April.

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