Canadian Market Up Firmly At Noon; Energy Stocks Rally

(RTTNews) - The Canadian market remains fairly well placed in positive territory around noon on Friday, led by strong gains in energy stocks thanks to a rebound in crude oil prices.

Slightly fading concerns about interest rates contribute significantly to the positive mood in the market.

The benchmark S&P/TSX Composite Index is up 122.07 points or 0.61% at 20,175.14 at noon.

The Energy Capped Index is up nearly 2.5%. MEG Energy Corp (MEG.TO) is climbing 5.2%. Baytex Energy (BTE.TO), Suncor Energy (SU.TO), Canadian Natural Resources (CNQ.TO), Imperial Oil (IMO.TO), Crescent Point Energy (CPG.TO), Athabasca Oil Corp (ATH.TO), Precision Drilling Corp (PD.TO), Cenous Energy (CVE.TO), Paramount Resources (POU.TO), Enerplus Corp (ERF.TO) and Vermilion Energy (VET.TO) are up 2.5 to 4%.

Healthcare stocks Bausch Health Companies (BHC.TO) and Tilray Inc (TLRY.TO) are gaining 2.6% and 1.7%, respectively.

In the financials sector, Manulife Financial (MFC.TO), Canadian Imperial Bank of Commerce (CM.TO), National Bank of Canada (NA.TO), Power Corporation of Canada (POW.TO), Toronto-Dominion Bank (TD.TO), Bank of Nova Scotia (BNS.TO) and Bank of Montreal (BMO.TO) are up 0.8 to 1.5%.

Consumer discretionary stocks Sleep Country Canada Holdings (ZZZ.TO) and Canada Goose Holdings (GOOS.TO) are gaining 2.9% and 2.3%, respectively. Pet Value Holdings (PET.TO), Aritzina Inc (ATZ.TO) and Magna International (MG.TO) are up 1.5 to 2%.

Canopy Growth Corporation (WEED.TO) is rising more than 4% after the company announced that the Ontario Superior Court of Justice has approved two transactions to sell all or substantially all of the assets of BioSteel Canada and BioSteel Manufacturing, LLC. Canopy Growth expects the proceeds will improve the company's balance sheet.

Real Matters Inc. (REAL.TO) is down 1.3%. The company reported fourth-quarter net income of US$1.6 million, or US$0.02 per diluted share, as compared with a loss of US$10 million, or US$0.14 per diluted share, a year earlier.

On the economic front, data from Statistics Canada showed industrial producer prices in Canada fell by 1% over a month in October of 2023, following a 0.4% increase the month before. It was the steepest decline in producer prices since August 2022. On yearly basis, producer prices slumped by 2.7% in October, after a 0.6% increase in the prior month.

Meanwhile, the Raw Materials Price Index in Canada declined by 2.5% month-over-month in October 2023, following an upwardly revised 3.9% increase in September. Year-on-year, raw materials prices plummeted by 0.8% in October.