TSX Modestly Higher As Energy Stocks Rise

(RTTNews) - The Canadian market is modestly higher Thursday afternoon with stocks from energy and consumer staples sectors posting strong gains. Technology stocks are weak.

Higher oil prices and bond yields amid an escalation in Middle East tensions rendered the mood cautious at the start. However, stocks found some support subsequently and the market moved above the flat line.

Energy stocks rose as oil prices moved up sharply. According to reports, the White House asked Pentagon to develop options to strike Iran before the midterm elections, but no final decision has been made. Meanwhile, oil companies operating in the Gulf of Mexico have begun curbing production and evacuating personnel from offshore facilities.

Hawkish comments from few top central bank officials and persisting concerns about France's fiscal outlook weighed significantly on investor sentiment.

Brent crude front-month futures jumped to $105.92 a barrel, before easing slightly to around $104.90, still up nearly $5.00 over previous close.

West Texas Intermediate Crude oil futures are up $3.60 or 4.07% at $91.88 a barrel.

The benchmark S&P/TSX Composite Index, which fell to 34,952.95, rallied to 35,215.43 about an hour past noon. The index was up 76.81 points or 0.22% at 35,118.67 a little while ago.

Richelieu Hardware is soaring nearly 14%. Fortuna Silver Mines, Dundee Precious Metals, Suncor Energy, Keyera, Baytex Energy, Parex Resources, Cenovus Energy, Canadian Natural Resources, Centerra Gold and Imperial Oil are up 3%-4.5%.

Boyd Services, Vermilion Energy, Ritchie Bros Auctioneers, Methanex, Pembina Pipeline, Canada Goose Holdings, Whitecap Resources, Maple Leaf Foods, Exchange Income, Interfor, B2Gold Corp, TFI International and Gibson Energy are also up with impressive gains.

Canopy Growth dropped 5.6%. NexGen Energy, Ballard Power Systems, Aecon, Celestica, Ivanhoe Mines, Air Canada, Ero Copper, Cameco, Tilray, IGM Financial, Hudbay Minerals, Novagold Resources, Atco, Finning International, MagnaInternational, Martinrea International and Linamar are down 2%-4.5%.