Canadian Market Up Firmly In Positive Territory
(RTTNews) - The Canadian market is high up in positive territory a little past noon on Friday with stocks from across several sectors moving higher on strong buying support.
The mood is bullish thanks to the passage of the bipartisan bill to raise U.S. debt ceiling into 2025 and cut the deficit. Easing concerns about interest rate following a few Fed officials suggesting a pause in policy tightening also aid sentiment.
Data from Labor Department that showed non-farm employment soared by 339,000 jobs in May after spiking by an upwardly revised 294,000 jobs in April, helped as well.
Economists had expected employment to climb by 190,000 jobs compared to the jump of 253,000 jobs originally reported for the previous month.
The benchmark S&P/TSX Composite Index is up 281.25 points or 1.43% at 19,953.50 nearly half an hour past noon.
Industrials, energy, real estate, consumer discretionary, financials and utilities are among the major gainers.
Magna International (MG.TO), Teck Resources (TECK.B.TO), Methanex Corporation (MX.TO), Precision Drilling Corporation (PD.TO) and Teck Resources (TECK.A.TO) are up 4 to 5%.
Canadian Pacific Kansas City (CP.TO), Colliers International (CIGI.TO), West Fraser Timber (WFG.TO), BRP Inc (DOO.TO), WSP Global (WSP.TO), National Bank of Canada (NA.TO), Toromont Industries (TIH.TO) and TFI International (TFII.TO) are gaining 2 to 3%.
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