Canadian Market Notably Higher On Widespread Buying

RTTNews | 624 days ago

(RTTNews) - The Canadian market is up firmly in positive territory a little before noon on Thursday with stocks from several sectors moving higher on strong buying interest.

Dovish comments from the Federal Reserve, and firm commodity prices are contributing significantly to market's rise. The Fed left interest rates unchanged as widely expected on Wednesday, and signaled plans to cut interest rates three times next year.

The benchmark S&P/TSX Composite Index, which climbed to 20,842.41 after opening modestly higher, is up 126.90 points or 0.62% at 20,756.35 about a quarter to noon.

The Healthcare Capped Index is up 2.1%. Tilray Inc (TLRY.TO) is gaining 5% and Bausch Health Companies (BHC.TO) is climbing up 2.75%.

The Materials Capped Index is climbing 1.84%. Ero Copper Corp (ERO.TO) and Oceanagold Corp (OGC.TO) are up 8% and 7%, respectively. Teck Resources (TECK.B.TO), Hudbay Minerals (HBM.TO), Iamgold Corp (IMG.TO), Lundin Mining Corp (LUN.TO), Capstone Mining Corp (CS.TO), Lithium Americas Corp (LAAC.TO), Methanex Corp (MX.TO), Seabridge Gold (SEA.TO), B2Gold Corp (BTO.TO) and Filo Mining Corp (FIL.TO) are up 3 to 5.4%.

The Energy Capped Index is surging 1.75%. Vermilion Energy (VET.TO), Baytex Energy (BTE.TO), MEG Energy (MEG.TO), Whitecap Resources (WCP.TO), International Petroleum Corp (IPCO.TO), Precision Drilling Corporation (PD.TO), Crescent Point Energy (CPG.TO) and Peyto Exploration and Development Corp (PEY.TO) are gaining 3 to 4.5%.

Real estate stocks Tricon Capital Group Inc (TCN.TO), Colliers International Group (CIGI.TO), Allied Properties (AP.UN.TO), Atus Group (AIF.TO), Riocan Real Estate (REI.UN.TO), H&R Real Estate (HR.UN.TO) and First Capital (FCR.UN.TO) are up 2.3 to 5%.

In the financials sector, Goeasy (GSY.TO), Nuvei Corp (NVEI.TO), Brookfield Asset Management (BAM.TO), CI Financial Corp (CIX.TO), Brookfield Corporation (BN.TO) and EQB Inc (EQB.TO) are up 2 to 4%.

Utilities shares Innergex Renewable Energy (INE.TO), Northland Power (NPI.TO), Boralex Inc (BLX.TO) and Brookfield Renewable Partners (BEP.UN.TO) are up 3.3 to 5%.

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