Canadian Market Recovers After Mild Setback; Financial, Energy Shares Moving Higher

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(RTTNews) – The Canadian stock market is modestly higher Friday afternoon, having recovered after languishing in negative territory earlier in the session.

Financial, energy, real estate and industrial shares are finding some support, while healthcare and consumer staples shares are weak.

The benchmark S&P/TSX Composite Index is up 65.27 or 0.33% at 20,135.52 about a couple of hours past noon. Earlier, the index had drifted down to 19,954.82.

Toronto-Dominion Bank (TD.TO) is gaining 1.8%. CDN Western Bank (CWB.TO) is rising 1.2%, while National Bank of Canada (NA.TO), Canadian Imperial Bank of Commerce (CM.TO), Manulife Financial (MFC.TO), Bank of Montreal (BMO.TO), Bank of Nova Scotia (BNS.TO) and Laurentian Bank (LB.TO) are up 0.4 to 0.8%.

Among energy stocks, Vermilion Energy (VET.TO) is climbing 4.8%, Crescent Point Energy (CPG.TO) is rising 3.25% and Imperial Oil (IMO.TO) is up 2.6%. PrairieSky Royalty (PSK.TO), Suncor Energy (SU.TO) and Parex Resources (PXT.TO) are up 1.2 to 1.6%.

Real estate stakes H&R Real Estate (HR.UN.TO), Dream Office (D.UN.TO) and Allied Properties Real Estate (AP.UN.TO) are up 2.3%, 1.8% and 1.6%, respectively.

Among the stocks in the Industrials section, Air Canada (AC.TO) is rallying nearly 7%. Boyd Group Services (BYD.TO), Russel Metals (RUS.TO) and Mullen Group (MTL.TO) are up 1.6 to 2%.

Healthcare stocks Canopy Growth Corp (WEED.TO) and Tilray Inc (TLRY.TO) are down 3.8% and 3.2%, respectively. Organigram Holdings (OGI.TO) is down 2% and Chartwell Retirement Residences (CSH.UN.TO) is lower by about 1.1%.

Consumer staples shares Empire Company (EMP.A.TO), Metro Inc (MRU.TO) and The North West Company (NWC.TO) are down 1.7 to 1.8%.

On the economic front, Canada’s economy shrank 0.1% over a month in July following a 0.6% growth in June.

The IHS Markit Canada Manufacturing PMI came in at 57 in September, little changed from 57.2 in the prior month. The latest reading extended the period of growth to 15 successive months. The latest expansion was among the sharpest in the 11-year history of the survey.