Canadian Market Firmly Higher; Energy, Consumer Discretionary Stocks Rise
(RTTNews) - The Canadian market is firmly placed in positive territory a little past noon on Thursday with stocks from energy, communications, healthcare and consumer discretionary sectors contributing to the upmove.
Some strong corporate earnings updates, higher crude oil prices, and easing tensions about tariffs following U.S. President Donald Trump's announcement of an impending U.S.-UK trade deal are aiding sentiment.
The benchmark S&P/TSX Composite Index was up 179.71 points or 0.71% at 25,340.89 about a quarter past noon.
The Energy Capped Index is up 3.25%. Cenovus Energy is soaring nearly 10% after reporting stronger than expected first-quarter results.
Parex Resources, Baytex Energy, MEG Energy Corp., Canadian Natural Resources, International Petroleum Corp and Veren Inc are gaining 3.5 to 7.4%.
Communications stock BCE Inc. is up 6.3%. BCE Inc., reported earnings per share of $0.69 in the first-quarter, compared to $0.72 in the year-ago quarter.
Cogeco Communications, Quebecor and Rogers Communications are also up with strong gains.
Healthcare stocks Tirlay and Bausch Health Companies are gaining 3.5% and 3.2%, respectively.
In the consumer discretionary sector, Linamar Corp is zooming more than 10%. Magna International and Canadian Tire Corporation are up 5% and 4.3%, respectively. Aritzia Inc., BRP and Gildan Activewear are rising 2 to 2.5%.
Technology company Shopify's net loss widened to $682 million in the first-quarter from last year's loss of $273 million. The stock is down 1.4%.
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