Canadian Shares Firmly In Positive Territory

(RTTNews) - The Canadian stock market is up firmly in positive territory nearly an hour past noon on Wednesday, after opening on a steady note thanks to a surge in crude oil prices.

Data showing a drop in U.S. crude inventories has raised hopes of increased demand for energy. Investors are also betting on hopes the Federal Reserve, which will be announcing its monetary policy later in the day, will hint at further stimulus to boost recovery.

The benchmark S&P/TSX Composite Index is up 110.00 points or 0.68% at 16,231.32, about 40 points off a high of 16,271.40 it touched earlier.

Information technology stocks, led by Shopify Inc. (SHOP.TO) and Celestica Inc. (CLS.TO), are leading the market up. The Capped Information Technology Index is up as much as 3.7%.

Shopify shares are gaining nearly 10%, after the company said its second-quarter revenue rose 97% to $714.3 million from a year earlier, beating expectations.

Celestica is rising nearly 12%. The company reported second-quarter net income of $13.3 million, after reporting a loss in the same period a year earlier. On a per-share basis, Celestica posted a profit of 10 cents in the second-quarter.

Lightspeed Pos (LSPD.TO) is gaining 7.3%, while Photon Control (PHO.TO) and Docebo Inc. (DCBO.TO) are both moving up 6%. Kinaxis Inc. (KXS.TO) is gaining 5%, CGI Group (GIB.A.TO) is advancing 4.1% and BlackBerry (BB.TO) is up 3.1%. Enghouse Systems (ENGH.TO) and Descartes Systems (DSG.TO) are up 3% and 2.3%, respectively.

Among the stocks in the Industrials Index, Tfi International (TFII.TO) is rising 3.5%. Ritchie Bros Auctioneers (RBA.TO), Stantec (STN.TO), Russel Metals (RUS.TO), WSP Global (WSP.TO), Canadian National Railway (CNR.TO), Canadian Pacific Railway (CP.TO) and Transcontinental (TCL.A.TO) are up 1 to 2%.

Consumer discretionary stocks Martinrea International (MRE.TO), Linamar Inc. (LNR.TO), Brp Inc. (DOO.TO) and Restaurant Brands International (QSR.TO) are up 2 to 5%. Gildan Activewear (GIL.TO) and Canadian Tire Corporation (CTC.A. TO) are up 1.5% and 1.6%, respectively.

Enbridge Inc. (ENB.TO) shares are up 2.5% after the company reported second quarter adjusted earnings per share of C$0.56, compared to C$0.67, prior year. For 2020, the company still expects to generate a distributable cash flow of C$4.50 to $4.80 per share, which is within its original guidance range.

Aphria Inc. (APHA.TO) shares are plunging more than 16% after the company reported a $98.8 million net loss for the fourth-quarter, and a $64 million non-cash asset impairment expense. Chief financial officer the company, Carl Merton, said the impairment expenses were linked to international markets. Loss amounted to 39 cents per share for the quarter, compared with a year-earlier profit of $15.8 million or five cents per share.

Cameco Corporation (CCO.TO) is down 12.5%. The company reported attributable net loss for the second quarter that widened to C$53 million or C$0.13 per share from net loss of C$23 million or C$0.06 per share in the year-ago period. Excluding items, adjusted net loss was C$0.16 per share, compared to adjusted net loss of C$0.04 per share in the prior-year quarter, the company said.

Oceanagold Corporation (OGC.TO) is declining 7.7%, while Barrick Gold Corporation (ABX.TO), B2Gold Corp (BTO.TO), Yamana Gold (YRI.TO) and Kinross Gold Corporation (K.TO) are down 1.3 to 2.3%.

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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