(RTTNews) – The Canadian market remains firmly up in positive territory a little past noon on Wednesday with materials and energy stocks gaining significant ground thanks to higher commodity prices. Several stocks from the technology sector are down sharply.
In addition to digesting corporate earnings announcements, investors are also assessing the developments in the Middle East and the potential impact of new tariffs imposed by the U.S. on Canadian imports.
The benchmark S&P/TSX Composite Index was up 147.86 points or 0.42% at 35,516.94 about half an hour past noon.
The Materials Capped Index is up more than 3%. Montage Gold Corp., Discover Mining Corp and Southern Cross Gold are up 9.7%, 8% and 7.3%, respectively. Aya Gold & Silver, G Mining Ventures, Vizsla Silver Corp., Novagold Resources, Eldorado Gold Corporation, OceanaGold Corporation, Equinox Gold Corp., Lundin Gold and Americas Gold & Silver Corporation are among the other big gainers in the materials sector.
The Energy Capped Index is up 1.1%. Vermilion Energy is rising nearly 7.5%. Kelt Exploration, Parex Resources, Strathcona Resources, Peyto Exploration & Development, Paramount Resources, Canadian Natural Resources and Tourmaline Oil Corporation are gaining 1.3%-3%.
Utilities stocks Algonquin Power & Utilities Corp., Brookfield Infra Partners, AltaGas, Emera Incorporated and Fortis are up 1.2%-3%.
Technology stocks Shopify, Kinaxis and Lightspeed Commerce are down 4.3%-5.2%. Descartes Systems Group is declining 3.5%, while Open Text Corporation, Constellation Software and Coveo Solutions are down 2%-3%.
Bombardier Inc. is down 1.6%. The company announced today that the Swedish Defence Materiel Administration has signed a 10-year Services Support Agreement (SSA) on behalf of the Swedish Armed Forces following the acquisition of two Bombardier Global 6500 aircraft.
Rogers Communications Inc. is down nearly 4%. The company has reported a net loss of C$726 million, or C$1.37 a share in the second-quarter of current financial year, compared with earnings of C$157 million, or C$0.29 a share, in the prior year, mainly due to the non-cash loss on revaluation of the MLSE put liability.
