Canadian Market Modestly Higher As Energy Stocks Shine

(RTTNews) - The Canadian market, which retreated after an early upmove Thursday morning, gained in strength in late morning trades with stocks from energy, communications and utilities sectors moving higher on fairly strong buying support.

However, with a long weekend ahead, and the trade policy of U.S. President Donald Trump remaining uncertain, the mood in the market is quite cautious so far.

The benchmark S&P/TSX Composite Index is up 101.71 points or 0.43% at 24,208.50, recovering from a low of 24,058.27. The index looks set to end the holiday-shortened week with a gain of about 2.5%.

VersaBank is soaring nearly 15%. Through its wholly owned subsidiary, VersaBank USA National Association, the bank has entered into an agreement with its second US Receivable Purchase Program partner under which the partner will leverage VersaBank's innovative RPP to fund a portion of its loan and lease originations.

Source Energy Services is rising 8.5%. MEG Energy Corp, Precision Drilling Corporation, Finning International, Brookfield Renewable Corporation, Suncor Energy, Pembina Pipeline Corporation, Imperial Oil, Hydro One, Linamar Corporation and Tourmaline Oil Corporation are gaining 2 to 4%.

MAG Silver Corp, MDA Space, Hut 8 Corp, Seabridge Gold, Pan American Silver Corp, Barrick Gold Corporation and Alamos Gold are down 2 to 3%.

Torex Gold Resources, Badger Infrastructure, Telesat Corporation, Newmont Corporation, Aritzia, Constellation Software, MTY Food Group, Agnico Eagle Mines and Teck Resources are lower by 1 to 2%.

On the trade front, U.S. President Donald Trump touted "big progress" in tariff talks with Japan. Japanese representative Ryosei Akazawa revealed limited details but confirmed a second meeting is scheduled for later this month, noting Trump called a deal with Japan a "top priority."