Markets

Canadian Shares Firmly In Positive Territory At Noon

(RTTNews) - The Canadian benchmark S&P/TSX Composite Index was modestly higher Thursday late morning, led by gains in information technology, materials and industrial sections.

A few stocks from consumer discretionary section too were notably higher, while energy and consumer staples shares were weak.

Some better-than-expected earnings reports and a firm trend in Asian and European markets aided sentiment.

The benchmark S&P/TSX Composite Index, which rose to 16,412.08 in early trades, was up 42.58 points, or 0.26%, at 16,378.51 around noon.

The Capped Information Technology Index gained more than 2%. Shopify Inc. (SHOP.TO) moved up nearly 7% and Photon Control Inc. (PHO.TO) surged up 8.4%. Celestica Inc. (CLS.TO) gained about 3.5%, while Opex Text Corp (OTEX.TO), CGI Group Inc (GIB.A.TO), Exfo Inc (EXF.TO) and Constellation Software (CSU.TO) were up 1 to 1.4%.

In the materials space, Agnico Eagle Mines (AEM.TO) gained 5% after the company reported adjusted net income of $87.5 million, or $0.37 per share, for the third quarter of 2019, up from $17.1 million or $0.07 per share in the year-ago quarter.

Detour Gold Corp (DGC.TO), Torex Gold Resources (TXG.TO), Yamana Gold Inc. (YRI.TO) and Seabridge Gold (SEA.TO) moved up 3 to 4%.

Barrick Gold Corp (ABX.TO), Centerra Gold Inc. (CG.TO), Kirkland Lake Gold (KL.TO), Wheaton Precious Metals (WPM.TO), Eldorado Gold (ELD.TO) and Kinross Gold Corp (K.TO) also rose sharply.

Teck Resources (TECK.B.TO) reported adjusted net profit of $403 million or 72 cents per share in the third-quarter, compared with an adjusted net profit of $466 million or 81 cents per share a year ago. The stock declined by about 4%.

Canfor Corp. (CFP.TO) reported a loss of $90.4 million for the quarter ended September 30, compared with a $125.3-million profit in the prior year. The stock was down marginally at noon.

Among the stocks in the Industrial space, Canadian Pacific Railway (CP.TO) gained about 4.3%. The company reported net income of $618 million for the third quarter, down down 0.6% from $622 million in the same period in 2018.

Mullen Group (MTL.TO) and Ballard Power Systems (BLDP.TO) moved up 6% and 5.8%, respectively. Ag Growth International (AFN.TO), New Flyer Industries (NFI.TO), Thomson Reuters (TRI.TO) and Air Canada (AC.TO) gained 0.7 to 1.5%.

Husky Energy Inc. (HSE.TO) shares declined 7% after the company reported lower earnings. The company announced that it earned $273 million, or 26 cents per share, in its latest quarter, down from $545 million, or 53 cents per share, in the same quarter last year.

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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