Canadian Market Looks Headed For Another Positive Close

The Canadian market remains fairly well placed in positive territory Friday afternoon, with stocks from materials and communications sectors posting impressive gains.

Energy and financials shares are off their highs. Technology stocks are a bit weak.

The mood is fairly positive amid hopes the Federal Reserve will likely lower interest rate in May or June.

The benchmark S&P/TSX Composite Index, which climbed to 21,323.98, is up 76.07 points or 0.37% at 21.298.76.

Ero Copper (ERO.TO), up 7.3%, is the top gainer in the Materials Index, which is up 1.2%. Lundin Mining Corp (LUN.TO), Stelco Holdings (STLC.TO) and Capstone Mining Corp (CS.TO) are gaining 5.5%, 4.2% and 3.6%, respectively. Filo Mining (FIL.TO), Agnico Eagle Mines (AEM.TO), Lithium Americas Corp (LAAC.TO) and Hudbay Minerals (HBM.TO) are also up sharply.

Among communications shares, Cogeco Communications (CCA.TO), Telus Corp (T.TO), Quebecor Inc (QBR.TO) and BCE Inc (BCE.TO) are up 1.1 to 1.5%.

Sun Life Financial (SLF.TO), Great-West Lifeco (GWO.TO), National Bank of Canada (NA.TO), CI Financial Corp (CIX.TO), Laurentian Bank (LB.TO), Power Corporation of Canada (POW.TO), Bank of Nova Scotia (BNS.TO) and Royal Bank of Canada (RY.TO) are up 0.6 to 1.2%.

In the energy sector, Peyto Exploration (PEY.TO), Crescent Point Energy (CPG.TO), Freehold Royalties (FRU.TO), Birchcliff Energy (BIR.TO), Paramount Resources (POU.TO), Prairiesky Royalty (PSK.TO), Athabasca Oil (ATH.TO) and Tourmaline Oil Corp (TOU.TO) are up with sharp to moderate gains.

On the economic front, data from Statistics Canada showed wholesale sales in Canada rose by 0.3% month-over-month to C$82.9 billion in December 2023, decelerating from a 0.9% decline in the previous month.

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