Canadian Market Up Firmly In Positive Territory

(RTTNews) - The Canadian market is up firmly in positive territory a little past noon on Wednesday, with stocks from across several sectors posting strong gains.

Firm commodity prices, a drop in Canadian consumer price inflation and data showing a significant improvement in U.S. consumer confidence, are all contributing to the positive sentiment in the market.

The benchmark S&P/TSX Composite Index is up 259.86 points or 1.35% at 19,566.75 about a quarter past noon.

Data released by Statistics Canada showed Canada's annual inflation rate came in at 6.8% in November of 2022, easing slightly from the 6.9% in the prior month. On a monthly basis, Canadian consumer prices rose by 0.1% in November, slowing from a 0.7% gain in the prior month.

Core inflation rate in Canada held steady at 5.8% in November of 2022, the same as in October. Compared to the previous month, core consumer prices were flat.

Ivanhoe Mines (IVN.TO) is surging nearly 9% on huge volumes. Athabasca Oil Corporation (ATH.TO), Baytex Energy (BTE.TO), Crescent Point Energy (CPG.TO), Cenovus Energy (CVE.TO), Canopy Growth Corporation (WEED.TO), Shopify Inc (SHOP.TO), Suncor Energy (SU.TO) and Barrick Gold Corporation (BTO.TO) are up 2 to 4% on strong volumes.

Aritzia Inc (ATZ.TO) is climbing more than 6%. FirstService Corporation (FSV.TO), Altus Group (AIF.TO), Precision Drilling Corporation (PD.TO), Colliers International (CIGI.TO), West Fraser Timber (WFG.TO), Premium Brands International (PBH.TO), TFI International (TFII.TO) and Nutrien (NTR.TO) are gaining 2 to 4.3%.

BlackBerry (BB.TO) is plunging nearly 9%. The company reported a net loss of $4 million in the three-month period ended November 30, 2022, as against a net income of $74 million in the corresponding quarter last year.