FX.co ★ Canadian Market Is Up Marginally; Energy Stocks Post Strong Gains

In Canada, the market observed a slight increase just after midday on Monday, with energy and material stocks demonstrating significant growth due to firm commodity prices. However, investors remained slightly hesitant, seeking new market drivers.

About 30 minutes past noon, the benchmark S&P/TSX Composite Index recorded an increase of 32.87 points or 0.15%, reaching 22,016.95.

The Energy Capped Index saw a rise of 1.75%, with Athabasca Oil Corp experiencing gains of 4.5%. Other energy firms such as Precision Drilling Corp, Vermilion Energy, Advantage Oil & Gas, Cenovus Energy, Crescent Point Energy, MEG Energy Corp, Baytex Energy, Imperial Oil, and Suncor Energy reported increases ranging from 2% to 3.4%.

Material stocks also showed promising growth, with Algoma Steel Group, Equinox Gold Corp, Fortuna Silver Corp, Iamgold Corp, Lithium Americas Corp, West Fraser Timber, and K92 Mining Inc all reporting gains between 2% to 3.5%.

Among other stocks that witnessed a surge, Molson Coors Canada increased by 5.7%, Lightspeed Commerce rose by 5.2%, Hut 8 Corp saw nearly 4% gain, and Jamieson Wellness climbed by 2%.

On the other hand, Canopy Growth Corporation and Aurora Cannabis recorded declines of over 15% and 13% respectively, reversing their recent noteworthy gains.

Stocks such as Dayforce, Magna International, CCL Industries, GFL Environmental, CGI Inc, Cameco Corporation, Canadian Pacific Kansas City, BRP Inc, and RB Global also reported drops ranging from 1% to 4%.