Canadian Market Up Firmly In Positive Territory; Energy, Materials Shares Rise

(RTTNews) - After opening with a strong positive gap, the Canadian market climbed further up Tuesday morning, and remains firmly placed well above the flat line despite paring some of its early gains.

Materials and energy stocks are up with impressive gains, tracking higher commodity prices.

Technology, consumer staples and communications shares are also finding some support, while healthcare stocks are down on profit taking. Industrials and financials shares are turning in a mixed performance.

The benchmark S&P/TSX Composite Index, which surged to 19,698.33, is up 155.18 points or about 0.8% at 19,581.32 nearly half an hour past noon.

The Materials Capped Index is up 2.6%. Eldorado Gold (ELD.TO) is climbing 11.5%. Capstone Mining Corp (CS.TO) is also rising more than 11%, and Hudbay Minerals (HBM.TO) is gaining nearly 10%.

First Quantum Minerals (FM.TO), Lundin Mining Corp (LUN.TO), Filo Mining Corp (FIL.TO), Ero Copper (ERO.TO), Turquoise Hill Resources (TRQ.TO) and Canfor Corp (CFP.TO) are up 5 to 8.5%.

The Energy Capped Index is up nearly 2%. Paramount Resources (POU.TO) is rising more than 6.5%. Tamarack Valley Energy (TVE.TO), Precision Drilling Corp (PD.TO), Suncor Energy (SU.TO) Imperial Oil (IMO.TO), Crescent Point Energy (CPG.TO), Advantage Oil & Gas (AAV.TO), Parex Resources (PXT.TO) and MEG Energy (MEG.TO) are up 2.5 to 4.3%.

Thomson Reuters Corporation (TRI.TO) reported adjusted EPS of $0.57 in the third quarter of the current financial year, compared to adjusted EPS of $0.46 in the year-ago quarter. The stock is down by about 3.1%.

Colliers International Group (CIGI.TO) is down 3.7%. The company reported adjusted EBITDA of $145.1 million for the quarter ended September 30, 2022, compared with adjusted EBITDA of $123.6 million a year ago.

On the economic front, data from Markit Economics showed the S&P Global Canada Manufacturing PMI fell to 48.8 in October of 2022, down from 49.8 in September. That was the third straight month of contraction in Canada's manufacturing activity.