The Canadian market is firmly moving into positive territory; Bringing together energy and health stocks

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(RTTNews) – The Canadian market was firmly anchored in positive territory on Wednesday afternoon, with energy and healthcare stocks posting solid gains for the second consecutive session.

Consumer discretionary and materials stocks are the other big winners.

Investors, ignoring concerns about the impact of the pandemic and debt problems at Chinese real estate company Evergrande, are resuming shares pending the Federal Reserve’s policy announcement. Rising crude oil prices are also contributing to the rise in the market.

The S & P / TSX Composite Index is up 172.15 points or 0.85% to 20,416.44 around a few hours after noon.

The capped energy index climbed 4.12%. Cenovus Energy (CVE.TO), Vermilion Energy (VET.TO), Parex Resources (PXT.TO) and Imperial Oil (IMO.TO) gain 6-7%. Crescent Point Energy (CPG.TO), Suncor Energy (SU.TO), Enerplus Corp (ERF.TO), Whitecap Resources (WCP.TO), Canadian Natural Resources (CNQ.TO), MEG Energy (MEG.TO) and Arc Resources (ARX.TO) is also on the rise.

The health care index is up 2.75%. Canopy Growth Corp (WEED.TO) and Cronos Group (CRON.TO) grew by 5.8% and 5.6% respectively. Tilray Inc (TLRY.TO) increases 4.2% and Organigram Holdings (OGI.TO) gains 3%.

Amongst consumer discretionary stocks, Martinrea International (MRE.TO) gained 4.2%. Sleep Country Canada Holdings (ZZZ.TO), Brp Inc (DOO.TO), Magna International (MG.TO) and Gildan Activewear (GIL.TO) are up 2-3%.

First Quantum Minerals (FM.TO), up 6.5%, is the biggest winner in the materials index. Interfor Corp (IFP.TO), Capstone Mining (CS.TO), Hudbay Minerals (HBM.TO) and Canfor Corp (CFP.TO) gain 4.8-6%.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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