Canadian Market Modestly Higher On Selective Buying

(RTTNews) - Technology, materials, energy and industrials shares are up in positive territory in the Canadian market a few minutes before noon on Thursday with investors digesting the latest batch of Canadian and U.S. economic data.

The benchmark S&P/TSX Composite Index, which dropped to 21,033.98 after advancing to a high of 21,120.70, is up 51.70 points or 0.25% at 21,077.48 a few minutes before noon.

Data from the Commerce Department showing stronger than expected U.S. economic growth as well as a slowdown in the pace of consumer price growth in the fourth quarter of 2023, are aiding sentiment.

On the Canadian economic front, a report from the Canadian Federation of Independent Business said CFIB's Business Barometer in Canada, a long-term index reflecting 12-month forward expectations for business performance in the country, rose slightly to 49 in January 2024 from 47 in December, marking the best reading in five months.

Data from Statistics Canada showed average weekly earnings of non-farm payroll employees in Canada rose by 4.1% year-on-year to $1,228 in November 2023, up slightly from a revised 3.9% growth in the previous month.

Another data from Statistics Canada said Canada's manufacturing sales likely declined 0.6% from a month earlier in December 2023, reversing from a 1.2% increase in the previous month, according to preliminary estimates.

Bombardier Inc (BBD.A.TO) is gaining 4.25%. Celestica Inc (CLS.TO) and Quebecor Inc (QBR.A.TO) are up 3.7% and 3.6%, respectively.

Docebo Inc (DCBO.TO) is advancing 2.7%, while ATS Corporation (ATS.TO), Stella-Jones Inc (SJ.TO), Cargojet (CJT.TO), FirstService Corporation (FSV.TO), Onex Corporation (ONEX.TO), Premium Brands Holdings Corporation (PBH.TO), Kinaxis Inc (KXS.TO) and Goeasy (GSY.TO) are up 1.2 to 2%.

Cameco Corporation (CCO.TO), Parkland Corporation (PKI.TO), Precision Drilling Corporation (PD.TO), Nuvei Corporation (NVEI.TO) and Nutrien (NTR.TO) are down 1.9 to 2.5%.