Canadian Market Modestly Higher At Noon

(RTTNews) - The Canadian market is modestly higher around noon on Wednesday, supported by gains in the energy sector. Shares from the rest of the sectors are turning in a mixed performance.

Amid a lack of fresh data and corporate news, movements are somewhat lackluster.

The benchmark S&P/TSX Composite Index is up 40.78 points or 0.2% at 20,880.41 a few minutes before noon.

Energy stocks are rising thanks to higher oil prices. Athabasca Oil Corp (ATH.TO) is gaining 4.2%. Athbasca announced on Tuesday that it would work with Cenovus Energy (CVE.TO) to create Duvernay Energy. Athabasca, which will hold 70% equity in the new company will manage the firm. Cenovus will own the remaining 30% stake.

Advantage Oil & Gas (AAV.TO) is rising 3.75%. Topaz Energy (TPZ.TO), Birchcliff Energy (BIR.TO), Secure Energy Services (SES.TO), Tamarack Valley Energy (TVE.TO) and International Petroleum Corp (IPCO.TO) are up 2 to 3%. Canadian Natural Resources (CNQ.TO), Paramount Resources (POU.TO) and Enerplus Corp (ERF.TO) are also notably higher.

Industrials shares Mullen Group (MTL.TO) and Snc-Lavalin Group Inc (ATRL.TO) are up 1.8% and 1.7%, respectively.

Artizia Inc (ATZ.TO) is rising nearly 7%. Cogeco Communications (CCA.TO) is up 2.8%. Constellation Software (CSU.TO) is up 1.8%, BRP Inc (DOO.TO) is gaining 1.5% and Loblaw Companies is advancing 1.3%. West Fraser Timber (WFG.To) and Descartes Systems Group (DSG.TO) are up 1.2% and 1.1%, respectively.

Cargojet (CJT.TO) is down 3%, Maple Leaf Foods (MFI.TO) is declining 2.5% and Boralex Inc (BLX.TO) is down nearly 2%. Franco-Nevada Corporation (FNV.TO), Restaurant Brands International (QSR.TO), Bombardier Inc (BBD.B.TO) and Kinaxis Inc (KXS.TO) are down 1 to 1.4%.

SSR Mining Inc. (SSRM.TO) announced that it has inked a deal with Scotiabank (BNS.TO) under which Scotiabank will purchase by way of a block trade 6,161,524 units at a price of C$1.93 per unit. SSR will the gross proceeds of about C$ 11.891 million towards the company's organic growth initiatives and ongoing capital returns. SSR Mining shares are down by about 0.8%.