Canadian Market Modestly Higher At Noon; Energy, Materials Shares Rise

RTTNews | 597 days ago
Canadian Market Modestly Higher At Noon; Energy, Materials Shares Rise

(RTTNews) - The Canadian market is modestly higher around noon on Monday, riding on strong gains in select technology, healthcare, materials and energy sectors.

The mood remains a bit cautious amid a lack of fresh triggers. The minutes from the Federal Reserve's latest policy meeting is due tomorrow, and the document is likely to provide more clarity on the U.S. central bank's interest-rate path.

On the Canadian economic front, data on consumer price inflation for the month of October is due tomorrow.

The benchmark S&P/TSX Composite Index is up 60.93 points or 0.3% at 20,236.70 a few minutes before noon.

Technology stocks Coveo Solutions (CVO.TO) and Dye & Durham (DND.TO) are gaining 5.3% and 5.1%, respectively. Hut 8 Mining (HUT.TO), Converge Technology Solutions (CTS.TO), Copperleaf Technologies (CPLF.TO), Shopify Inc (SHOP.TO) and Enghouse Systems (ENGH.TO) are up 2 to 3.5%.

Healthcare stocks Bausch Health Companies (BHC.TO) and Tilray Inc (TLRY.TO) are up 1.2% and 2.5%, respectively.

In the energy sector, Advantage Oil & Gas (AAV.TO) is rising more than 5%. Parex Resources (PXT.TO), Athabasca Oil Corp (ATH.TO), Headwater Exploration (HWX.TO), Paramount Resources (POU.TO), Tamarack Valley Energy (TVE.TO), Meg Energy (MEG.TO), Pason Systems (PSI.TO) and Arc Resources (ARX.TO) are up 1 to 2%.

Among materials shares, Lithium Americas (Argentina) Corp (LAAC.TO) is soaring 12%. Lundin Mining Corp (LUN.TO) is climbing 7.5%, Capstone Mining (CS.TO) is rising 6.5% and Filo Mining (FIL.TO) is up 5.55%, while Ero Copper (ERO.TO) and Hudbay Minerals (HBM.TO) are advancing 5% and 4.75%, respectively.

Teck Resources Limited (TECK.A.TO) is gaining 2.5%. The company has announced that the Toronto Stock Exchange has accepted the notice filed by the company to establish a normal course issuer bid to purchase class B subordinate voting shares. Following this, Teck may purchase up to 40 million class B shares, representing approximately 7.8% of the outstanding class B Shares, or 7.9% of the public float, as at November 15, 2023.

Franco-Nevada Corp (FNV.TO) has lowered its production guidance for the year following the Cobre Panama mine ramping down operations due to protests that have blocked supplies. The stock is down by about 1.7%.

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