Canadian Market Moderately Higher At Noon

(RTTNews) - Consumer discretionary and healthcare stocks are in demand in the Canadian market, which is up in positive territory around noon on Thursday after a steady start.

A few stocks from real estate, technology, communications, industrials, technology and utilities sectors are also finding support. Energy and materials shares are turning in a mixed performance.

The benchmark S&P/TSX Composite Index is up 112.14 points or 0.51% at 22,224.60 a few minutes before noon.

Dollarama Inc (DOL.TO), the top gainer in the Consumer Discretionary index, is up 6.7% on strong results. The company reported net earnings of $323 .8 million, or $1.15 per diluted common share, for the fourth quarter of fiscal 2024, compared to $261 .3 million, or $0.91 per diluted common share, in the fourth quarter of fiscal 2023.

Magna International (MG.TO), Linamar (LNR.TO), Pet Valu Holdings (PET.TO), Sleep Country Canada Holdings (ZZZ.TO) and Canadian Tire Corp (CTC.A.TO) are up 0.6 to 1%.

In the healthcare sector, Bausch Health Companies (BHC.TO) is up 2.5%, Tilray Inc (TLRY.TO) is gaining 1.5% and Chartwell Retirement Residences (CSH.UN.TO) is advancing 1%. Sienna Senior Living (SIA.TO) is up 0.7%.

Real estate stocks Northwest Healthcare Properties (NWH.UN.TO), H&R Real Estate (HR.UN.TO), Riocan Real Estate (REI.UN.TO) and Allied Properties Real Estate (AP.UN.TO) are gaining 1.7 to 2.3%.

Among technology stocks, BlackBerry (BB.TO) is rising nearly 8%. Hut 8 Corp (HUT.TO) is climbing up 5.3%, Bitfarms (BITF.TO) is gaining 2.5% and Copperleaf Technologies (CPLF.TO) is up 1.4%.

Innergex Renewable Energy (INE.TO) and Brookfield Renewable Partners (BEP.UN.TO) are among the top gainers in the Utilities Index.

In the Industrials section, Bombardier Inc (BBD.B.TO) is up more than 5%. Ballard Power Systems (BLDP.TO) is gaining 2.75%, Gfl Environmental (GFL.TO) is advancing 2% and Cargojet (CJT.TO) is up 1.75%.

Financials stock AGF Management Limited (AGF.B.TO) is up nearly 5%. The company reported adjusted net income of $33.7 million ($0.51 adjusted diluted EPS) for the three months ended February 29, 2024, compared to $18.5 million ($0.28 adjusted diluted EPS) for the three months ended November 30, 2023 and $17.8 million ($0.27 adjusted diluted EPS) for the comparative prior year period.

On the economic front, data from Statistics Canada showed Canada posted a trade surplus of C$ 1.4 billion in February 2024, more than a revised C$ 0.6 billion surplus in January.

Exports jumped by 5.8% over a month to C$ 66.6 billion in February, while imports rose by 4.6% to C$ 65.2 billion.