Canadian Market Modestly Higher In Cautious Trade
(RTTNews) - The Canadian market is up in positive territory in early afternoon trades on Wednesday, led by gains in communications, healthcare, energy and utilities sectors.
Amid a lack of fresh Canadian economic data and earnings updates, the mood remains somewhat cautious.
Soft Euro area and UK inflation data aids sentiment. Also, raising expectations the Federal Reserve is likely to end its tightening cycle sometime sooner than later is also contributing to the positive mood.
The benchmark S&P/TSX Composite Index is up 47.40 points or 0.23% at 20,423.97 about half an hour past noon.
Communications stock Telus Corp (T.TO) is up 1.6%. Rogers Communications (RCI.B.TO), Quebecor Inc (QBR.B.TO), Cogeco Communications (CCA.TO) and BCE Inc (BCE.TO) are up 0.6 to 0.8%.
Healthcare stock Tilray Inc (TLRY.TO) is climbing nearly 6%. Utilities shares Algonquin Power and Utilities (AQN.TO), Innergex Renewable Energy (INE.TO), Superior Plus Corp (SPB.TO) and Northland Power (NPI.TO) are gaining 1.5 to 2%.
In the energy sector, Paramount Resources (POU.TO) is up 2.6%. Precision Drilling Corp (PD.TO) is gaining 2% and Arc Resources (ARX.TO) is climbing 1.6%. Enerplus Corp (ERF.TO), Crescent Point Energy (CPG.TO), Tourmaline Oil Corp (TOU.TO), Advantage Oil & Gas (AAV.TO) and Baytex Energy (BTE.TO) are up 1 to 1.7%.
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