Canadian Stocks Recover After Weak Start, Moderately Higher At Noon

(RTTNews) - After opening on a weak note, the Canadian market moved into positive territory Friday morning thanks to strong buying in several stocks from across various sectors

Communications, healthcare, real estate, energy and industrials shares are among the prominent gainers. Several stocks from utilities and materials sectors are also notably higher.

The benchmark S&P/TSX Composite Index, which eased to 20,154.93 after a weak start, is up 130.18 points or 0.65% at 20,366.47 a few minutes before noon.

Bank of Montreal (BMO.TO) is up 1.3%. The bank reported fourth-quarter earnings of C$1.49 billion, or C$2.06 per share, compared to C$4.41 billion, or C$6.51 per share a year earlier. Excluding items, adjusted earnings were C$2.02 billion, or C$2.81 per share, compared to C$2.06 billion, or C$3.04 per share, in the previous year.

National Bank of Canada (NA.TO) is climbing more than 4% after the bank reported fourth-quarter net income of $768 million, up 4% from $738 million in the fourth quarter of 2022.

Communications shares Telus Corp (T.TO), Rogers Communications (RCI.B.TO) and Quebecor Inc (QBR.B.TO) are up 2.2 to 2.7%. Cogeco Communications (CCA.TO) and BCE Inc (BCE.TO) are gaining 1.8% and 1.1%, respectively.

Healthcare shares Chartwell Retirement Residences (CSH.UN.TO) is gaining 2.5%. Bausch Health Companies is up nearly 2% and Tirlay (TLRY.TO) is up 1.7%, while Sienna Senior Living Inc (SIA.TO) is rising 1.3%.

In the real estate sector, Northwest Healthcare (NWH.UN.TO), Storagevault Canada (SVI.TO), H&R Real Estate (HR.UN.TO), Tricon Capital Group (TCN.TO), Dream Industrial (DIR.UN.TO) and Boardwalk Real Estate (BEI.UN.TO) are gaining 2.5 to 3%.

Among energy stocks, Secure Energy Services (SES.TO) is up 3.3%. Imperial Oil (IMO.TO), Canadian Natural Resources (CNQ.TO), Arc Resources (ARX.TO), Tamarack Valley Energy (TVE.TO), Crescent Point Energy (CPG.TO), Whitecap Resources (WCP.TO) and Pason Systems (PSI.TO) are up 1.5 to 2.3%.

In the industrials sector, Bombardier Inc (BBD.B.TO) is rising 3.6%. Brookfield Business Partners (BBU.UN.TO), Telus International (TIXT.TO), Toromont Industries (TIH.TO) and Gfl Environmental (GFL.TO) are advancing 2.5 to 3%.

Data from Statistics Canada showed employment in Canada increased by 24,900 jobs in November, following an addition of 17,500 jobs in the previous month.

Meanwhile, the unemployment rate in Canada incrased to 5.8% in November, up from 5.7% in the previous month.

Average hourly earnings for permanent employees in Canada rose by 5% year-on-year to reach $35.16 in November.

Canada's manufacturing activity contracted in November, data from S&P Global showed. The S&P Global Canada Manufacturing PMI contraction accelerated to 47.7 in November from 48.6 in the previous month, slowing down for the seventh consecutive month.