Canadian Market Recovers After Weak Start As Energy, Materials Shares Rise

(RTTNews) - After opening lower and falling further down, the Canadian market recovered and moved into positive territory Tuesday morning thanks to some strong buying in energy and materials sectors.

Financials shares are weak, while shares from the rest of the sectors are turning in a mixed performance.

The benchmark S&P/TSX Composite Index, which dropped to 19,918.47, is up 32.91 points or 0.16% at 20,065.53 about half an hour before noon.

The Materials Capped Index is up 1.5%. K92 Mining Inc (KNt.TO), up 5.2%, is the top gainer in the index. B2Gold Corp (BTO.TO), Capstone Mining Corp (CS.TO), Oceanagold Corp (OGC.TO), Agnico Eagle Mines (AEM.TO), Algoma Steel Corp (ASTL.TO), Barrick Gold Corp (ABX.TO), Ssr Mining (SSRM.TO), Lundin Mining (LUN.TO), Fortuna Silver Mines (FVI.TO), Eldorado Gold (ELD.TO) and Kinross Gold Corp (K.TO) are gaining 2 to 4%.

The Energy Capped Index is climbing 1.35%. Tamarack Valley Energy (TVE.TO) is up nearly 3.5%. International Petroleum Corp (IPCO.TO), Parex Resources (PXT.TO), Canadian Natural Resources (CNQ.TO), Baytex Energy (BTE.TO), Athabasca Oil Corp (ATH.TO), Imperial Oil (IMO.TO), Crescent Point Energy (CPG.TO), Suncor Energy (SU.TO) and Nuvista Energy (NVA.TO) are up 1.5 to 2.3%.

TC Energy Corp (TRP.TO) has upgraded its growth outlook for 2023 and 2024. The company projects comparable EBITDA growth of 8%. amd 5-7% from 2023 to 2024. The stock is gaining about 1.6%.

In the financials sector, Bank of Nova Scotia (BNS.TO) is down 4.6%. The bank reported fourth-quarter net income of $1,385 million, or $1.02 per diluted share, compared to net income of $2,093 million, or $1.63 per diluted share, in the year-ago quarter.

For fiscal 2023, BNS posted a net income of $7,528 million, compared to $10,174 million in the previous year.

Royal Bank of Canada (RY.TO), National Bank of Canada (NA.TO), Sun Life Financial (SLF.TO), Bank of Montreal (BMO.TO) and Canadian Imperial Bank of Commerce (CM.TO) are down 1 to 1.5%.

Organigram Holdings Inc. (OGI.TO) is up 1.75%. The company announced that Phylos Bioscience Inc., a U.S. cannabis genetics company and provider of production ready seeds, has achieved the first milestone under the loan agreement entered into in May 2023. Phylos has closed the second tranche under the Loan Agreement with Organigram advancing $2.75 million to Phylos.