June 29, 2022

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Canadian Market Stages Strong Recovery As Materials, Energy Stocks Rally

2 min read

The Canadian market, which slipped deeper into the red after a slightly weak start Thursday morning, has recovered well thanks to strong buying in materials, energy, communications and consumer staples sections.

Healthcare stocks are the most prominent losers. Financials and technology stocks are also mostly down in negative territory.

The mood in the market remains cautious amid concerns over looming interest rate hikes, and worries about inflation and geopolitical tensions.

The benchmark S&P/TSX Composite Index, which tumbled to 21,635.34, losing more than 150 points in the process, is up 6.62 points or 0.03% at 21,795.22 in late afternoon trades.

Materials shares are up, tracking higher gold and silver prices. Ero Copper (ERO.TO), Endeavour Silver Corp (EDR.TO), New Gold (NGD.TO), Oceanagold Corp (OGC.TO), Kinross Gold Corp (K.TO), Hudbay Minerals (HBM.TO) and Torex Gold Resources (TXG.TO) are gaining 3 to 5%.

Energy stocks Advantage Oil & Gas (AAV.TO) and Enerplus Corp (ERF.TO) are up 4% and 3%, respectively. Topaz Energy Corp (TPZ.TO), Baytex Energy (BTE.TO) and Tourmaline Oil Corp (TOU.TO) are up 2.3 to 2.7%. Whitecap Resources (WCP.TO), Vermilion Energy (VET.TO), Cenovus Energy (CVE.TO), Birchcliff Energy (BIR.TO), Canadian Natural Resources (CNQ.TO) and Imperial Oil (IMO.TO) are also up sharply.

Rogers Communications (RCI.B.TO) and Telus Corp (T.TO), up 1.5% and 1.3%, are the major gainers in the communications section.

Consumer staples shares Jamieson Wellness (JWEL.TO) and Empire Company (EMP.A.TO) are up 3.3% and 2.2%, respectively. Loblaw Co (L.TO), Weston George (WN.TO), Saputo Inc (SAP.TO) and Prime Water Corp (PRMW.TO) are gaining 1.3%.

Roots Corporation (ROOT.TO) shares are rising more than 8.5% after the company reported adjusted net income of $20.3 million ($0.48 per share) for the fourth quarter of fiscal 2021, up from $16.3 million ( $0.39 per share) in Q4 2020.

In the healthcare section, Tilray Inc (TLRY.TO) is plunging 9.5%. Aurora Cannabis…

2022-04-07 14:54:28

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