Canadian Market Up In Positive Territory, As Resources, Technology Stocks Rise

(RTTNews) - The Canadian market is up in positive territory a little past noon on Monday, led by gains in energy, materials and technology sectors.

The mood in the market, however, remains cautious amid lingering worries about global economic slowdown.

The benchmark S&P/TSX Composite Index is up 80.00 points or 0.4% at 20,499.62 about an hour past noon.

The Energy Capped Index is up 1.2%. Spartan Delta Corp (SDE.TO) is rising nearly 8%. Tourmaline Oil Corp (TOU.TO), Cenovus Energy (CVE.TO), Athabasca Oil Corp (ATH.TO), PrairieSky Royalty (PSK.TO), Precision Drilling Corp (PD.TO) and Headwater Exploration (HWX.TO) are gaining 1.7 to 2.5%.

In the materials sector, Torex Gold Resources (TXG.TO), Hudbay Minerals (HBM.TO), Capstone Mining Corp (CS.TO), Filo Mining (FIL.TO), First Quantum Minerals (FM.TO), Ero Copper (ERO.TO), Lundin Gold (LUG.TO) and Osisko Mining Inc (OSK.TO) are up 2.5 to 6%.

Centerra Gold Inc. (CG.TO) is plunging more than 14% after the company reported adjusted net loss of $52.9 million, or $0.24 per common share for the first quarter of 2023, compared to $56.4 million, or $0.19 per share, in the first quarter of 2023.

K92 Mining Inc. (KNT.TO) has reported first-quarter net income of US$5.0 million or $0.02 per share. The stock is gaining more than 1.5%.

Among technology stocks, Bitfarms (BITF.TO) is soaring more than 9%. Hut 8 Mining Corp (HUT.TO) and Docebo Inc (DCBO.TO) are gaining 4.7% and 4.1%, respectively. Alithya Corp (ALYA.TO) and Constellation Software (CSU.TO) both are up nearly 2.5%.

Softchoice (SFTC.TO), BlackBerry (BB.TO), Enghouse Systems (ENGH.TO) and Coveo Solutions (CVO.TO) are up 1 to 1.5%.

Consumer staples stock Premium Brands Holdings Corporation (PBH.TO) is down 2.8%. The company reported first-quarter adjusted EBITDA of $110.7 million representing a 15.6%, or $14.9 million, increase as compared to the first quarter of 2022.

On the economic front, data from the Canada Mortgage and Housing Corporation showed housing starts in Canada rose by 22% over a month earlier to 261,600 units in April of 2023.

Data from Statistics Canada showed wholesale sales in Canada eased by 0.1% month-over-month to C$ 86.5 billion in March 2023, extending the 1.7% decline in the previous month.