Canadian Markets Up Firmly In Positive Territory

(RTTNews) - The Canadian stock market is up firmly in positive territory Tuesday afternoon, with shares from several sectors recording strong gains on bargain hunting.

Higher commodity prices, and hopes about fiscal stimulus following Prime Minister Justin Trudeau's victory in the federal election contribute to the positive sentiment in the market. Fairly decent data on Canada's housing prices is also supporting the market.

The benchmark S&P/TSX Composite Index, which climbed to 20,344.73, pared some gains subsequently, but still remains fairly high up in positive territory at 20,269.71, up 115.17 points or 0.57% from the previous close.

The Capped Healthcare Index is up 2.18%. Bausch Health Companies (BHC.TO) is rising nearly 8%. Sienna Senior Living (SIA.TO) and Chartwell Retirement Residences (CSH.UN.TO) are gaining 1.8% and 1.3%, respectively. Organigram Holdings (OGI.TO) is up 1%.

The Energy Index is up 1.5%. Imperial Oil (IMO.TO) is gaining 3.5%, Enerplus Corp (ERF.TO) is rising 3.1%, Crescent Point Energy (CPG.TO) and Vermilion Energy (VET.TO) both are up 2.1%, and Whitecap Resources (WCP.TO), Parex Resources (PXT.TO) and MEG Energy Corp (MEG.TO) are gaining 1.5 to 1.8%.

Several stocks from real estate, materials, financials and utilities sectors are up with impressive gains.

On the economic front, prices of new homes in Canada increased by 0.7% from the previous month in August. In July, prices had moved up 0.4%, the slowest growth since December 2020.

Year-on-year, the New Housing Price Index rose 12.2% in August, after rising by 11.9% in the previous month, and higher than expected increase of 11.9%.