May 16, 2021

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Canadian Market Up Firmly In Positive Territory; Energy, Materials Shares Rise

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VIXC Financial and Market News

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The Canadian stock market is up firmly in positive territory about an hour past noon on Monday, riding on strong gains in materials and energy sections amid rising commodity prices.

Data showing continued expansion of Canada’s factory activity is also aiding sentiment.

The benchmark S&P/TSX Composite Index is up 138.47 points or 0.72% at 19,246.80 an hour past noon. The index touched a high of 19,276.09.

The Capped Materials Index is climbing 3.5%. Endeavour Silver Corp (EDR.TO) is soaring more than 10%, Silvercorp Metals (SVM.TO) is surging up 9.5%, MAG Silver Corp (MAG.TO) is rising 8.6% and Eldorado Gold (ELD.TO) is gaining 8%. Torex Gold Resources (TXG.TO), Silvercrest Metals (SIL.TO), Pan American Silver Corp (PAAS.TO), First Majestic Silver Corp (FR.TO), Agnico Eagle Mines (AEM.TO), IamGold (IMG.TO), B2Gold Corp (BTO.TO) and Ssr Mining (SSRM.TO) are also up sharply.

The Capped Energy Index is rising 2.1%. Imperial Oil (IMO.TO) and MEG Energy (MEG.TO) both are up nearly 4%. Enerplus Corp (ERF.TO), Vermilion Energy (VET.TO), Crescent Point Energy (CPG.TO), Suncor Energy (SU.TO), Cenovus Energy (CVE.TO) and Tourmaline Oil Corp (TOU.TO) are gaining 2 to 3%.

Healthcare stocks are down sharply. Aphria Inc (APHA.TO) is declining 6.5%, Canopy Growth Corp (WEED.TO) is down 4.7% and Aurinia Pharmaceuticals (AUP.TO) is down by about 4.4%. Organigram Holdings (OGI.TO), Trillium Therapeutics (TRIL.TO), Cronos Group (CRON.TO) and Aurora Cannabis (ACB.TO) are down 2.7 to 4%.

On the economic front, the IHS Markit Canada Manufacturing PMI fell to 57.2 in April from a record high of 58.5 in the previous month. Still, the latest reading pointed to the 10th straight month of expansion in the country’s factory activity and the third-strongest growth since available records began in October 2010.

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2021-05-03 13:11:13

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