Energy Stocks Shine As Canadian Market Moves Modestly Higher

(RTTNews) - After a positive start and a subsequent retreat that very nearly resulted in a drop into negative territory, the Canadian market recovered to trade higher around noon on Wednesday, with stocks from energy, healthcare and industrials sectors posting solid gains.

Investors, digesting the data on the nation's services sector activity in the month of November, are looking ahead to more data, and the monetary policy announcements from the Bank of Canada and the Federal Reserve.

The benchmark S&P/TSX Composite Index was up 102.40 points or 0.33% at 31,151.68 a few minutes past noon.

The Energy Capped Index climbed nearly 2%. Tamarack Valley Energy, International Petroleum Corp., Kelt Exploration, Headwater Exploration, Paramount Resources, Arc Resources, Cenovus Energy, Athabasca Oil Corporation, Peyto Exploration and Prairiesky Royalty gained 2 to 6%.

Healthcare stock Curaleaf Holdings climbed more than 4%. Industrials stocks Finning International, Tfi International, AtkinsRealis, Canadian National Railway, Canadian Pacific Railway, Russel Metals and Stantec gained 1.3 to 3%.

Royal Bank of Canada gained about 1.2%. The bank reported adjusted net income of $5.6 billion and EPS of $3.85, both up 25% compared to the prior year.

National Bank of Canada reported a net income of $1,059 million for the fourth quarter of its latest financial year, up 11% from $955 million in the fourth quarter of 2024. Diluted earnings per share stood at $2.57 compared to $2.66 in the fourth quarter of 2024. The stock drifted down by about 1.4%.

CGI Inc. shares moved modestly higher after the company announced the acquisition of Online Business Systems, an IT consulting firm based in Winnipeg.

Enbridge, Inc. said it expects to finish the year in the upper half of the EBITDA range of $19.4 billion to $20.0 billion. The stock gained 0.3%.

TELUS Corporation climbed 2.3% after providing an updated mid-term outlook and further details of its enhanced capital allocation framework, including a new multi-year free cash flow growth target.

Data from S&P Global showed the S&P Global Canada Composite PMI recorded 44.9 in November, down from 50.3 in October and the lowest in five months. Manufacturing fell to 48.4 in November from 49.6 in October while services plunged to 44.3 from 50.5.