Energy, Materials Stocks Lifting Canadian Market

(RTTNews) - The Canadian market is modestly higher around noon on Wednesday, lifted by gains in healthcare, materials and energy sectors.

The benchmark S&P/TSX Composite Index, which climbed to 22,173.60 earlier, is up 60.27 points or 0.27% at 22,135.37 a few minutes before noon.

On the economic front, the S&P Global Canada Composite PMI edged down to 47.0 in March, showing a slight contraction from February's 47.1, and marking the tenth straight month of slowdown in private sector activity in the country.

The S&P Global Canada Services PMI recorded a slight decline to 46.4 in March, from February's 46.6, falling for the tenth consecutive month.

Tilray Inc (TLRY.TO) is gaining about 4%. Sienna Senior Living (SIA.TO) is up 1% and Bausch Health Companies (BHC.TO) is up by about 0.6%.

In the energy sector, Precision Drilling Corp (PD.TO) is up nearly 4.5%. Birchcliff Energy (BIR.TO) is gaining 3.2%, while Tamarack Valley Energy (TVE.TO), Crescent Point Energy (CPG.TO), Headwater Exploration (HWX.TO), Peyto Exploration (PEY.TO), Pason Systems (PSI.TO) and Cenovus Energy (CVE.TO) are advancing 1.3 to 2%.

Among materials shares, First Majestic Silver Corp (FR.TO) and Fortuna Silver Mines (FVI.TO) are gaining 9% and 7.5%, respectively. MAG Silver Corp (MAG.TO) is up 5.4%, while Methanex Corp (MX.TO), Pan American Silver Corp (PAAS.TO), Ero Copper (ERO.TO) and Osisko Mining (OSK.TO) are up 4.3 to 5%.

Indigo Books & Music Inc. (IDG.TO) shares are up 22% after the company announced that it has entered into an arrangement agreement with Trilogy Investments L.P. and Trilogy Retail Holdings Inc. whereby Trilogy will acquire all of the issued and outstanding common shares of the Company that Trilogy, its affiliates and joint actors do not currently own for C$2.50 in cash per share.

Vecima Networks Inc. (VCM.TO) is gaining 7.8%. The company announced that it has signed an asset purchase agreement to buy the cable business assets of Casa Systems, Inc. and some of Casa's subsidiaries for $20 million