Canadian Market Up In Positive Territory; Bank Stocks Move Higher
(RTTNews) - The Canadian stock market is up in positive territory Tuesday morning, riding on gains in financial and consumer discretionary sections.
The mood remains somewhat cautious with investors closely following updates on U.S. stimulus talks, coronavirus cases and earnings reports.
A few stocks from materials, real estate and industrial sections are also moving higher. Information technology and energy stocks are a bit subdued, while healthcare stocks are down on profit taking after strong gains in the previous session.
The benchmark S&P/TSX Composite Index, which opened at 16,349.47 and advanced to 16,369.91 subsequently, retreated a bit and was up 47.43 points or 0.3% at 16,321.50 a little while ago.
Sun Life Financial Inc. (SLF.TO) is rising nearly 1.5%. Power Corporation of Canada (POW.TO), Manulife Financial (MFC.TO), Fairfax Financial Holdings (FFH.TO), Bank of Montreal (BMO.TO), Canadian Imperial Bank of Commerce (CM.TO), Toronto-Dominion Bank (TD.TO) and National Bank of Canada (NA.TO) and Bank of Nova Scotia (BNS.TO) are gaining 0.5 to 1.2%.
Consumer discretionary stocks Linamar Corp (LNR.TO), Martinrea International (MRE.TO), Aritzia Inc. (ATZ.TO), Magna International (MG.TO), Gildan Activewear (GIL.TO) and Canada Goose Holdings (GOOS.TO) are up 1.5 to 2.5%.
Among healthcare shares, Aurora Cannabis (ACB.TO) is plunging more than 9%, Canopy Growth Corp (WEED.TO) is declining 5%, Aphria Inc. (APHA.TO) is down 4.5% and Trillium Therapeutics (TRIL.TO) is losing about 3.3%. Cronos Group (CRON.TO) and Knight Therapeutics (GUD.TO) are down 1.6% and 1.25%, respectively.
U.S. stocks are edging higher amid renewed optimism about lawmakers in Washington reaching an agreement on a new stimulus bill.
House Speaker Nancy Pelsoi's deputy chief of staff Drew Hammill tweeted that the Democratic leader continued to "narrow their differences" in a phone call with Treasury Secretary Steven Mnuchin.
"The Speaker continues to hope that, by the end of the day Tuesday, we will have clarity on whether we will be able to pass a bill before the election," Hammill tweeted.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.