Canadian Market Modestly Higher In Lackluster Trade

The Canadian market is modestly higher a little past noon on Tuesday, riding on strong gains in energy stocks. Several stocks from consumer staples and materials sectors are also notably higher.

The mood is somewhat cautious and movements a bit lackluster, as investors await further updates on the banking sector front, and look ahead to some crucial economic data for direction.

The benchmark S&P/TSX Composite Index is up 61.58 points or 0.31% at 19,686.32 about half an hour past noon.

The Energy Capped Index is surging 1.7%. Spartan Delta Corp (SDE.TO) is rising 5.8%, while Imperial Oil (IMO.TO), Cenovus Energy (CVE.TO) and Precision Drilling Corp (PD.TO) are gaining 3 to 3.5%.

Athabasca Oil Corp (ATH.TO), MEG Energy (MEG.TO), Baytex Energy (BTE.TO) and Peyto Exploration (PEY.TO) are all gaining more than 2%.

Among consumer staples shares, Lundin Mining Corp (LUN.TO) is up more than 6%. Equinox Gold Corp (EQX.TO), Filo Mining Corp (FIL.TO), Fortuna Silver Corp (FVI.TO), Seabridge Gold Inc (SEA.TO), Oceanagold Corp (OGC.TO) and Lithium Americas Corp (LAC.TO) are up 3.7 to 5%.

Consumer staples shares Empire Company (EMP.A.TO), Jamieson Wellness Inc (JWEL.TO), Weston George (WN.TO), Maple Leaf Foods (MFI.TO), The North West Company (NWC.TO) and Saputo Inc (SAP.TO) are up 1 to 2%.

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