Canadian Stocks Rising Sharply On All-round Buying

(RTTNews) - The Canadian market is up sharply in positive territory a little past noon on Monday, with stocks extending morning gains thanks to sustained buying interest.

Energy stocks are surging up north on firm crude oil prices. Crude oil futures are up nearly 4% at $83.25 a barrel.

Stocks from materials, industrials, utilities, communications and consumer staples sectors are up with handsome gains.

Several stocks from real estate, financials and consumer discretionary sectors are also up with impressive gains.

The benchmark S&P/TSX Composite Index is up 450.02 or about 2.4% at 18,894.24 about an hour past noon.

The Energy Capped Index is up 5.31%. Crescent Point Energy (CPG.TO), Suncor Energy (SU.TO), Precision Drilling (PD.TO), Baytex Energy (BTE.TO), Athabasca Oil Corp (ATH.TO), Nuvista Energy (NVA.TO), Cenovus Energy (CVE.TO), Canadian Natural Resources (CNQ.TO) and Imperial Oil (IMO.TO) are gaining 5 to 7%.

Endeavour Silver Corp (EDR.TO), up 10.1%, is the top gainer in the Materials Index, which is up 2.3%. Ivanhoe Mines (IVN.TO), First Majestic Silver Corp (FR.TO), Hudbay Minerals (HBM.TO), Eldorado Gold (ELD.TO), Silvercrest Metals (SIL.TO), Capstone Mining Corp (CS.TO), Fortuna Silver Mines (FVI.TO) and MAG Silver Corp (MAG.TO) are gaining 5 to 8.2%.

Industrials stock Ats Automation (ATA.TO) is rising 7.2%. Nfi Group (NFI.TO), Cargojet (CJT.TO), Tfi International (TFII.TO), Finning International (FTT.TO), Badger Infrastructure (BDGI.TO) and Snc-Lavalin (SNC.TO) are gaining 4 to 5.4%.

Financials shares Power Corporation of Canada (POW.TO), Onex Corp (ONEX.TO), CDN Western Bank (CWB.TO), Sun Life Financial (SLF.TO), Manulife Financial (MFC.TO), Toronto-Dominion Bank (TD.TO), Laurentian Bank (LB.TO), Canadian Imperial Bank of Commerce (CM.TO), Bank of Montreal (BMO.TO) and National Bank of Canada (NA.TO) are up 1.5 to 3%.

Technology stocks Sylogist (SYZ.TO), Constellation Software (CSU.TO), Quarterhill (QTRH.TO), Hut 8 Mining (HUT.TO), Celestica Inc (CLS.TO), Magnet Forensics (MAGT.TO), CGI Group (GIB.A.TO) and Descartes Systems (DSG.TO) are gaining 1.5 to 3.2%.

On the economic front, the S&P Global Canada Manufacturing PMI was at 49.8 in September of 2022, edging higher from the 48.7 in the prior month., but marking the second consecutive month of contraction in Canadian factory activity.