Canadian Market Up In Positive Territory As Bank, Technology Stocks Move Higher

(RTTNews) - After a flat start, the Canadian stock market is modestly higher Wednesday morning, led by gains in banking and information technology shares.

Materials shares are also faring well, while energy stocks are down after oil prices drifted lower.

Stronger-than-expected quarterly results from Royal Bank of Canada (RY) and National Bank of Canada (NA.TO), and optimism about progress in U.S.-China trade talks contribute to the positive mood in the market.

Investors are also looking ahead to Federal Reserve Chair Jerome Powell's live-streamed speech at the Jackson Hole economic symposium. Powell's speech, which is scheduled to begin before the start of trading on Thursday, is in focus for clues about the outlook for monetary policy.

The benchmark S&P/TSX Composite Index, which edged down marginally in early trades, is up 66.06 points or 0.4% at 16,683.54 about an before noon.

National Bank of Canada shares are gaining more than 2.5% after the bank reported third-quarter net profit of $602 million or $1.66 per diluted share compared with $608 million or $1.66 per diluted share in the same quarter last year.

Royal Bank of Canada is up by about 2.3%. The bank announced that it posted a profit of $3.20 billion or $2.20 per diluted share for its latest quarter compared with $3.26 billion or $2.22 per diluted share a earlier. Revenue totaled $12.92 billion, up from $11.54 billion in the same quarter last year.

Canadian Imperial Bank of Commerce (CM.TO) is up nearly 2%, Bank of Nova Scotia (BNS.TO) is advancing 1.75% and CDN Western Bank (CWB.TO) is rising 1.6%. Toronto-Dominion Bank (TD.TO) and Bank of Montreal (BMO.TO) are both higher by about 1%, while Laurentian Bank (LB.TO) is gaining 0.8%.

In the information technology section, BlackBerry (BB.TO) is up more than 3%, Shopify Inc. (SHOP.TO) is rising 2.75% and Descartes Systems Group (DSG.TO) is up 2.5%, while Constellation Software (CSU.TO), Absolute Software Corp (ABT.TO), Photon Control (PHO.TO) and Lightspeed Pos (LSPD.TO) are up 1 to 1.8%.

Silvercrest Metals (SIL.TO), B2Gold Corp (BTO.TO), Oceanagold (OGC.TO), Pan American Silver (PAAS.TO), Yamana Gold (YRI.TO), Novagold Resources (NG.TO), Silvercorp Metals (SVM.TO) and Torex Gold Resources (TXG.TO) are among the major gainers in the materials section.

Energy stocks Whitecap Resources (WCP.TO), Enerplus Corp (ERF.TO), Crescent Point Energy (CPG.TO), Imperial Oil (IMO.TO), Suncor Energy (SU.TO), Husky Energy (HSE.TO) and Canadian Natural Resources (CNQ.TO) are down 1.3 to 2.6%.

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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