Canadian Market Advances As Energy, Materials Shares Rally

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(RTTNews.com) - The Canadian stock market is up in positive territory Tuesday morning, with energy and materials shares recording solid gains, tracking higher commodity prices. Shares from financial and industrial sections are also finding good support.

U.S. stocks are turning in a mixed performance with traders reacting to mixed earnings news and data showing a drop in consumer confidence in the month of January and looking ahead to the Federal Reserve's monetary policy.

Major European markets are notably higher ahead of key Brexit vote.

The benchmark S&P/TSX Composite Index is up 52.06 points, or 0.34%, at 15,430.68, after rising to a high of 15,473.06 earlier.

On Monday, the index ended up 12.57 points, or 0.08%, at 15,378.62, rallying from an early low of 15,276.91.

The Capped Energy Index is up nearly 1.5%. Canadian Natural Resources (CNQ.TO), Cenovus Energy (CVE.TO), Vermilion Energy (VET.TO) and PrairieSky Royalty (PSK.TO) are gaining 1.3 to 2.5%.

Among other gainers in the energy space, MEG Energy (MEG.TO) is up 4% and NexGen Energy (NXE.TO) is rising 2.6%.

The Capped Materials Index is up 1.4%. Barrick Gold Corporation (ABX.TO) is rising 3.2%, Franco-Nevada Corporation (FNV.TO) is gaining 2.3% and Teck Resources (TECK.B.TO) is up 2.1%. Agnico Eagle Mines (AEM.TO), Goldcorp Inc. (G.TO), Wheaton Precious Metals Corp. (WPM.TO) and First Quantum Minerals (FM.TO) are moving up 1.3 to 2%.

The Capped Financial Index is gaining 0.6%. Toronto-Dominion Bank (TD.TO) is up 0.8%, Bank of Nova Scotia (BNS.TO) is adding 0.6%, Bank of Montreal (BMO.TO) is up 0.5%, Canadian Imperial Bank of Commerce (CM.TO) is gaining 0.7% and National Bank of Canada (NA.TO) is up 0.55%. Royal Bank of Canada (RY.TO) is up marginally.

Fairfax Financial Holdings (FFH.TO) is rising 1.85% and Manulife Financial Corporation (MFC.TO) is up 0.3%, while Sun Life Financial Inc. (SLF.TO) is down marginally.

The Capped Industrials Index is rising 0.4%. SNC-Lavalin Group (SNC.TO) is up 4.5%, after plunging nearly 28% in the previous session following a profit warning.

Air Canada (AC.TO) is gaining 0.7% and Bombardier Inc. (BBD.B.TO) is declining marginally.

Healthcare shares are lower on profit taking after recent strong gains. Aurora Cannabis (ACB.TO) is declining 3.2%, Aphria Inc. (APHA.TO) is down 2.3%, Cronos Group (CRON.TO) is down 2% and Canopy Growth Corporation (WEED.TO) is lower by about 4.5%, while Hexo Corporation (HEXO.TO) is down 2.1%.

In commodities, crude oil futures for February are up $1.30, or 2.53%, at $53.29 a barrel, after the U.S. approved sanctions on Venezuelan state-owned oil firm Petroleos de Venezuela, S.A., the parent company of the US-based Citgo oil company.

Gold futures for February are up $6.55, or 0.5%, at $1,309.65 an ounce.

Silver futures for March are gaining $0.102, or 0.65%, at $15.867 an ounce, while Copper futures for March are up $0.030, or 1.12%, at $2.710 per pound.

Read the original article on RTTNews (http://www.rttnews.com/2973711/canadian-market-advances-as-energy-materials-shares-rally.aspx)

For comments and feedback: contact editorial@rttnews.com

This article appears in: World Markets , 401k , Insurance , Banking and Loans , Oil , Retirement
Referenced Symbols: ACB ,

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