Canadian Market Modestly Higher; Energy, Materials Shares Rise
(RTTNews) - The Canadian market is modestly higher in late afternoon trades on Tuesday thanks to strong gains in energy and materials shares.
Technology stocks are weak, extending recent losses. Stocks from healthcare and industrials sectors are also weak, while select stocks from consumer discretionary sector are up with notable gains.
The mood is largely cautious with investors looking ahead to Fed Chair Jerome Powell's comments at the Jackson Hole Symposium later this week.
The benchmark S&P/TSX Composite Index is up 43.18 points or 0.22% at 20,018.10. The index touched a low of 19,941.12 and a high of 20,082.91.
The Energy Capped Index is gaining nearly 3.5%. Athabasca Oil Corp (ATH.TO) is rising 7.25%. Enerplus Corp (ERF.TO), Crescent Point Energy (CPG.TO), Precision Drilling (PD.TO), MEG Energy (MEG.TO), Baytex Energy (BTE.TO), Arc Resources (ARX.TO) and Vermilion Energy (VET.TO) are up 4 to 6%.
Materials shares Lundin Mining Corp (LUN.TO), Hudbay Minerals (HBM.TO), Capstone Mining Corp (CS.TO), Ero Copper Corp (ERO.TO), First Quantum Minerals (FM.TO), K92 Mining (KNT.TO) and Ivanhoe Mines (IVN.TO) are advancing 5 to 8.5%.
Bank of Nova Scotia (BNS.TO) is down more than 4%. The bank reported third-quarter net income of C$2.61 billion ($2 billion), or C$2.10, compared with C$2.56 billion, or C$2.01, a year earlier. Analysts had expected C$2.11 a share, according to Refinitiv data.
Technology stocks Shopify Inc (SHOP.TO), Dye & Durham (DND.TO) and Constellation Software (CSU.TO) are down 1 to 2.5%. Hut 8 Mining Corp (HUT.TO) and Kinaxis Inc (KXS.TO) are up 3% and 1.2%, respectively.
In the healthcare section, Bausch Health Companies (BHC.TO) is plunging more than 5%. Canopy Growth Corp (WEED.TO) is rising 4.2%.
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