Canadian Market Up In Positive Territory, Set To End On Firm Note

(RTTNews) - The Canadian market is up firmly in positive territory Monday afternoon, recovering from recent losses, thanks to sustained buying at several in energy, consumer staples, financials and materials sectors.

Bargain hunting after six successive days of losses is contributing to market's rise today.

The benchmark S&P/TSX Composite Index is up 206.18 points or 1.06% at 19,624.41.

The Energy Capped Index is up nearly 2.5%. Vermilion Energy (VET.TO) is rising 5.3%, Imperial Oil (IMO.TO) is gaining 4.2% and Baytex Energy (BTE.TO) is surging nearly 4%.

Advantage Oil & Gas (AAV.TO), Crescent Point Energy (CPG.TO), Cenovus Energy (CVE.TO) and Canadian Natural Resources (CNQ.TO) are gaining 2.5 to 3.4%.

Consumer staples shares Empire Company (EMP.A.TO) and Alimentation Couche-Tard Inc (ATD.TO) are up 3.4% and 2.2%, respectively. Metro Inc (MRU.TO), Weston George (WN.TO), Loblaw (L.TO), Jamieson Wellness (JWEL.TO) and Primo Water Corp (PRMW.TO) are up 1.3 to 1.75%.

Financials shares CDN Western George (CWB.TO), EQB Inc (EQB.TO), Canadian Imperial Bank of Commerce (CM.TO), Goeasy (GSY.TO), Sun Life Financial (SLF.TO), Toronto-Dominion Bank (TD.TO), Laurentian Bank (LB.TO), Bank of Montreal (BMO.TO) and National Bank of Canada (NA.TO) are up 1.5 to 2.6%.

Materials shares Algoma Steel Group Inc (ASTL.TO), Capstone Mining Corp (CS.TO), Fortuna Silver Mines (FVI.TO), Torex Gold Resources (TXG.TO), First Majestic Silver Corp (FR.TO), Teck Resources (TECK.B.TO) and K92 Mining Inc (KNT.TO) are up 2.5 to 4.3%.

Several stocks from real estate, consumer discretionary and healthcare sectors are also notably higher.

On the economic front, manufacturing sales in Canada likely rose 0.8% month-over-month in May 2023, extending a 0.3% growth in April, preliminary data showed.

Wholesale sales in Canada rose 3.5% month-over-month in May 2023, after a 1.4% drop in April, preliminary estimates showed.