Canadian Market Modestly Higher At Noon
(RTTNews) - After a flat start and a subsequent drop into negative territory, the Canadian market climbed higher Thursday morning and remained firmly well placed in positive territory at noon.
The mood remains somewhat cautious amid concerns about tariffs following U.S. President Donald Trump confirming a 50% levy on copper imports from August 1st, and hinting at additional tariffs on semiconductors and pharmaceuticals.
Consumer discretionary, healthcare, materials, industrials and financials shares figure in the list of gainers, while communications stocks are a bit weak. Technology and energy stocks are turning in a mixed performance.
The benchmark S&P/TSX Composite Index was up 108.58 points or 0.4% at 27,080.90 a few minutes past noon.
Energy Fuels is soaring more than 16%. Air Canada is climbing up 4.5%, while Ero Copper, West Fraser Timber, Vermilion Energy, BRP Inc., Labrador Iron Ore Royalty, Colliers International, Endeavour Silver, Canadian Pacific Kansas City, Brookfield and Badger Infrastructure are gaining 2 to 3.5%.
Canadian Imperial Bank of Commerce is up 0.8%. The bank announced the public offering in the United States of US$750 million of 7.000% Fixed Rate Reset Limited Recourse Capital Notes Series 7. CIBC said it expects to use the net proceeds from the sale of the LRCNs for general corporate purposes, which may include the redemption of outstanding capital securities of CIBC, and/or the repayment of other outstanding liabilities of CIBC.
B2Gold Corp is down 3.3%. Mullen Group is declining by about 2.2%, while Birchcliff Energy, ARC Resources, Boralex, G Mining Ventures, Advantage Oil & Gas, Nutrien and Celestica are down 1.4 to 2%.
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