Canadian Market Modestly Higher; Materials Shares Rise On Firm Metal Prices
(RTTNews) - The Canadian market is modestly higher Thursday afternoon, led by gains in materials stocks thanks to firm metal prices. The undertone remains fairly positive amid optimism about interest rate cuts by central banks.
The benchmark S&P/TSX Composite Index is up 47.19 points or 0.22% at 21,564.09.
The Materials Capped Index is up 1.85%. Silvercrest Metals (SIL.TO), Pan American Silver Corp (PAAS.TO) and Ero Copper (ERO.TO) are up 5.5%, 4.5% and 4.2%, respectively.
Oceanagold (OGC.TO), First Majestic Silver Corp (AG.TO), Capstone Mining Corp (CS.TO), B2Gold Corp (BTO.TO), New Gold Inc (NDG.TO) and Barrick Gold Corporation (ABX.TO) are up 2.7 to 4%.
Healthcare stock Bausch Health Companies (BHC.TO) is climbing 7%. Sienna Senior Living (SIA.TO) is up 1.2%.
In the energy sector, International Petroleum Corp (IPCO.TO) is up 2%. Veren Inc (VRN.TO), Canadian Natural Resources (CNQ.TO), Vermilion Energy (VET.TO), Imperial Oil (IMO.TO), Africa Oil Corp (AOI.TO) and Precision Drilling Corporation (PD.TO) are gaining 1 to 1.8%.
Empire Company Ltd. (EMP.A.TO) is rising 5% after reporting fourth quarter net earnings of $148.9 million ($0.61 per share) compared to $182.9 million ($0.72 per share) last year.
Aurora Cannabis Inc (ACB.TO) is down nearly 4%. The company reported a net loss of $20.8 million from continuing operations for the three months ended March 31, 2024, compared to net loss of $76.2 million for the prior year period.
On the economic front, data from Statistics Canada showed new home prices in Canada were up 0.2% in May 2024, in line with market forecasts, following also a 0.2% increase in the previous month.
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