Canadian Market Extending Recent Gains; Energy, Financial Stocks Move Up
(RTTNews) - The Canadian market is up firmly in positive territory around noon on Monday with stocks from energy, industrials, financials and consumer sections posting impressive gains.
Despite lingering concerns about slowing growth and rising interest rates, the mood in the market is quite bullish thanks to positive global cues.
The benchmark S&P/TSX Composite Index is up 176.19 points or 0.89% at 19,949.53 a few minutes past noon.
The Energy Capped Index is rising 2.35%. Topaz Energy (TPZ.TO), Paramount Resources (POU.TO), Headwater Exploration (HWX.TO), Nuvista Energy (NVA.TO), Freehold Royalties (FRU.TO), Parex Resources (PXT.TO), Prairiesky Royalty (PSK.TO), Canadian Natural Resources (CNQ.TO), Suncor Energy (SU.TO), Vermilion Energy (VET.TO) and Crescent Point Energy (CPG.TO) are up 2.7 to 6%.
The Industrials Capped Index is gaining about 1.6%. Cargojet (CJT.TO), Canadian Pacific Railway (CP.TO), Badger Infrastructure Solutions (BDGI.TO), Brookfield Business Partners (BBU.UN.TO) and Canadian National Railway (CNR.TO) are up 2.2 to 2.5%.
Among financials shares, Laurentian Bank is gaining 2.3%. Power Corporation of Canada (POW.TO), CDN Western Bank (CWB.TO), Manulife Financial (MFC.TO), Sun Life Financial (SLF.TO), Canadian Imperial Bank of Commerce (CM.TO), Bank of Montreal (BMO.TO), National Bank of Canada (NA.TO) and Royal Bank of Canada (RY.TO) are up 1 to 2%.
Consumer discretionary stocks Aritzia Inc (ATZ.TO), Magna International (MG.TO), Canada Goose Holdings (GOOS.TO), Gildan Activewear (GIL.TO), Brp Inc (DOO.TO), Canadian Tire Corp (CTC.A.TO), Linamar Corp (LNR.TO), Sleep Country Canada Holdings (ZZZ.TO) and Mty Food Group (MTY.TO) are up 1.3 to 3.5%.
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