Canadian Market Notably Higher As Stocks Rise On Bargain Hunting

(RTTNews) - Canadian stocks are notably higher Wednesday afternoon, with investors indulging in some bargain hunting after the sharp setback in the previous session. Positive cues from Wall Street and firm European stock, as well as some encouraging earnings updates are also contributing to market's rise.

Technology, industrials, consumer staples, consumer discretionary and financials shares are up with strong gains. Healthcare, communications and utilities stocks are also higher, while energy and materials shares are mostly subdued.

The benchmark S&P/TSX Composite Index is up 241.53 points or 1.17% at 20,826.50.

On the economic front, data from Statistics Canada showed car registrations in Canada dropped to 128,193 units in December from 143,723 units in

Goeasy (GSY.TO) is up more than 6%. Intact Financial Corporation (IFC.TO) is gaining 5.7%. Waste Connections Inc (WCN.TO), Alimentation Couche-Tard (ATD.TO), Shopify Inc (SHOP.TO), Toromont Industries (TIH.TO) and Dayforce Inc (DAY.TO) are up 3.2 to 4%.

WSP Global (WSP.TO), Stantec Inc (STN.TO), Fairfax Financial Holdings (FFH.TO), TFI International (TFII.TO), Constellation Software (CSU.TO), Thomson Reuters (TRI.TO), George Weston (WN.TO) and Canadian National Railway (CNR.TO) are up 2 to 3%.

Barrick Gold Corp. (ABX.TO) reported that its fourth-quarter net earnings attributable to equity holders of the Company were $479 million or $0.27 per share. Sequentially, net earnings grew 30% from $368 million or $0.21 per share in the preceding third quarter. The stock is down by about 1%.

Barrick Gold Corp also announced today that it plans to undertake a new share repurchase program for the buyback of its common shares.

Keyera Corp. (KEY.TO) is down 0.6%. The company reported 2023 fourth-quarter net earnings of $49 million, as against net loss of $82 million in the fourth quarter of 2022.

CAE Inc (CAE.TO) is down nearly 10% after the company reported a drop in third-quarter operating income. The company reported operating income of $121.6 million for the third quarter, down from $142.1 million in the year ago quarter.