Canadian Market Modestly Higher; Energy, Materials Shares Rally

(RTTNews) - The Canadian market is modestly higher Friday afternoon with investors reacting positively to the jobs data.

Data from Statistics Canada showed the Canadian economy created 59,900 jobs in June, the highest in five months. The unemployment rate increased to 5.4% in June from 5.2% in the previous month.

Another data from Statistics Canada showed average hourly earnings for permanent employees in Canada increased by 3.9% to $34.2 in June, down from the 5.1% growth in the previous month.

A report from the Richard Ivey School of Business said the Ivey Purchasing Managers Index in Canada eased to 50.2 in June of 2023 from 53.5 in the previous month.

The benchmark S&P/TSX Composite Index is up 64.98 points or 0.33% at 19,875.67.

Healthcare, energy and materials shares are among the prominent gainers. Financials and technology stocks are finding modest support, while industrials and utilities shares are weak.

In the healthcare sector, Bausch Health Companies (BHC.TO) is soaring 9.2%. Tilray Inc (TLRY.TO) is gaining about 1.5%.

Among energy stocks, Advantage Oil & Gas (AAV.TO), Arc Resources (ARX.TO), Athabasca Oil Corp (ATH.TO), Africa Oil Corp (AOI.TO), Birchcliff Energy (BIR.TO), Baytex Energy (BTE.TO), Canadian Natural Resources (CNQ.TO), Crescent Point Energy (CPG.TO), Cenovus Energy (CVE.TO) and Enerplus Corp (ERF.TO) are up 2 to 7%.

Materials shares Hudbay Minerals (HBM.TO) and Torex Gold Resources (TXG.TO) are up 7.5% and 5.8%, respectively. Equinox Gold Corp (EQX.TO), Teck Resources (TECK.B.TO), Interfor Corp (IFP.TO), Oceanagold Corp (OGC.TO) and Canfor Corp (CFP.TO) are gaining 4 to 5%.