Shop Stock: Canadian Market Pares Some Gains After Hitting Fresh Record High
(RTTNews) – Despite paring some early gains, the Canadian market holds in positive territory about an hour past noon on Wednesday, thanks to strong buying in energy stocks.
Higher crude oil prices and expectations of huge stimulus spending contribute to the uptick in the market. Selling in technology stocks limit market’s gains.
The benchmark S&P/TSX Composite Index was up 30.73 points or 0.16% at 19,234.43 about an hour past noon, after hitting a fresh record high at 19,312.30 earlier in the session.
The Capped Energy Index is up nearly 4.4%. MEG Energy Corp (MEG.TO), the biggest gainer in the section, is up nearly 10.5%. Whitecap Resources (WCP.TO) is gaining 9.6%, while Vermilion Energy (VET.TO), Crescent Point Energy (CPG.TO) and Cenovus Energy (CVE.TO) are up 6.5 to 7.2%. Suncor Energy (SU.TO), Enerplus Corp (ERF.TO) and Canadian Natural Resources (CNQ.TO) are also up sharply.
In the materials section, Teck Resources (TECK.B.TO) is rising more than 9%, Lundin Mining (LUN.TO) is gaining 7.2% and First Quantum Minerals (FM.TO) is up 6.7%. Ivanhoe Mines (IVN.TO), Lithium Americas Corp (LAC.TO), Turquoise Hill Resources (TRQ.TO) and Nutrien (NTR.TO) are up 4 to 5%.
Technology stock Hut 8 Mining Corp (HUT.TO) is declining 8.6%. Shopify Inc (SHOP.TO) is down 2.5%, Tecys Inc (TCS.TO) is lower by 1.7% and Enghouse Systems (ENGH.TO) is down 1.55%.
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