TSX Looks Set To End On Firm Note; Teck Resources, Cenovus Rally On Strong Earnings

(RTTNews) - The Canadian market is up firmly in positive territory around mid afternoon on Wednesday, riding on strong gains in energy, materials and consumer discretionary sectors.

Bargain hunting after recent sharp losses, and positive reaction to strong results from Cenovus Energy and Teck Resources contribute to the market's uptick today. Still, the mood remains cautious amid concerns about slowing growth and looming interest rate hikes.

The benchmark S&P/TSX Composite Index, which climbed to 20,855.48, was up 115.51 points or 0.56% at 20,806.32 a little while ago. The index dropped to 20,619.32, after opening at 20,746.43.

The Energy Capped Index is climbing 3.2%. Cenovus Energy (CVE.TO) is rising nearly 9% on strong results. Cenovus reported net earnings of $1,625 million for the quarter ended March 2022, compared with net loss of $408 million in the year-ago quarter. The company nearly tripled its dividend.

Whitecap Resources (WCP.TO), Baytex Energy (BTE.TO), MEG Energy Corp (MEG.TO), Imperial Oil (IMO.TO), Advantage Oil & Gas and Suncor Energy (SU.TO) are gaining 2.3 to 5.4%.

The Materials Capped Index is up 1.7%. Teck Resources (TECK.B.TO) is soaring nearly 14%. The company reported a five-fold jump in first-quarter profit on Wednesday, aided by higher prices for copper and steelmaking coal. The company reported adjusted basic earnings per share of $3.02 in the first-quarter, up from $0.61 per share a year ago.

Hudbay Minerals (HBM.TO) is surging up 5.4%. Capstone Mining Corp (CS.TO), First Quantum Minerals (FM.TO), Ivanhoe Mines (IVN.TO), Lundin Mining Corp (LUN.TO), Nutrien (NTR.TO), Ssr Mining Corp (SSRM.TO) and Stelco Holdings (STLC.TO) are up 2.5 to 4.7%.

Consumer staples shares Alimentation Couche-Tard (ATD.TO), Loblaw (L.TO) and Primo Water Corp (PRMW.TO) are up 1.2 to 1.5%.

Consumer discretionary stocks Linamar Corp (LNR.TO) and Magna International (MG.TO) are gaining 4% and 3.5%, respectively. Canada Goose Holdings (GOOS.TO), Aritzia Inc (ATZ.TO), Martinrea International (MRE.TO), Mty Food Group (MTY.TO) and Brp Inc (DOO.TO) are up 1.3 to 2.4%.