TSX Rises Over 1%; Materials, Energy Stocks Move Up Sharply
(RTTNews) - The Canadian market is up firmly in positive territory on Wednesday, lifted by strong gains in energy, materials and technology sectors. Data showing an improvement in Canadian services sector activity, firm commodity prices and bargain hunting after recent sharp decline contribute to market's notable move up north.
The benchmark S&P/TSX Composite Index was up 318.63 points or 1.07% at 30,096.47 a few minutes past noon.
The Energy Capped Index is up 2.75%. Kelt Exploration and Nuvista Energy are gaining about 7.5% and 7.3%, respectively.
Suncor Energy is rising 6%. The company reported an adjusted profit of C$1.48 per share for the quarter ended September 30, compared with the analysts' average estimate of C$1.08 per share.
Advantage Oil & Gas, Tamarack Valley Energy, Parex Resources, Ces Energy Solutions, Birchcliff Energy, Headwater Exploratin, Arc Resources, Athabasca Oil Corporation and Imperial Oil are up 2 to 3.5%.
The Materials Capped Index is climbing up 2.37%. Iamgold Corp, the top gainer in the index, is up nearly 10%. Kinross Gold Corp is advancing 7%. Ero Copper, Hudbay Minerals, Stella Jones, G Mining Ventures, Lundin Gold, Ngex Minerals and Eldorado Gold are up 3.5 to 4.5%.
Among technology stocks, Celestica Inc is surging nearly 7%. Bitfarms is gaining 5.2%. CGI Group, Docebo, BlackBerry, Open Text Corporation and Coveo Solutions are up 1.5 to 3%.
Healthcare stocks Bausch Health Companies and Curaleaf Holdings are up 1.5% and 2.5%, respectively.
Consumer discretionary stocks Brp Inc., Gildan Activewear, Magna International and Aritzia Inc., and consumer staples stocks Alimentation Couche-Tard, Canada Packers, Empire Company, Metro Inc., and Saputo are up sharply.
In economic news, the S&P Global Canada Composite PMI came in with a score of 50.3 in October, up from 46.3 in September, marking the first rise in private sector activity since November 2024. The manufacturing PMI reading was 49.6, up from 47.7 in September, while the Services PMI increased to 50.5 from 46.3.
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Higher Commodity Prices, Bargain Hunting May Lift Canadian Stocks At Open
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