Canadian Market Modestly Higher; Energy, Materials Shares Rise

Despite paring some early gains, the Canadian market remains in positive territory a little past noon on Friday, thanks to sustained buying at several counters in energy and materials sectors.

Amid a lack of fresh triggers, the mood remains a bit cautious.

The benchmark S&P/TSX Composite Index, which climbed to 21,140.88 in early trades, is up 50.88 points or 0.25% at 20,969.28 about a quarter past noon.

Iamgold Corp (IMG.TO), up 11%, is the biggest gainer in the Materials Index, which is up 1.62%. Fortuna Silver Mines (FVI.TO), First Majestic Silver Corp (FR.TO), Centerra Gold (CG.TO), Eldorado Gold (ELD.TO), Orla Mining (OLA.TO), Torex Gold Resources (TXG.TO), Pan American Silver Corp (PAAS.TO), Kinross Gold (K.TO), Oceanagold Corp (OGC.TO) and New Gold Inc (NGD.TO) are gaining 4.5 to 7%.

Energy stocks Advantage Oil & Gas (AAV.TO), Birchcliff Energy (BIR.TO), Shawcor (MATR.TO), International Petroleum Corp (IPCO.TO), Parex Resources (PXT.TO) and Arc Resources (ARX.TO) are up 2.3 to 4.5%.

Corus Entertainment Inc. (CJR.B.TO) is soaring 10% after strong earnings update. The company reported adjusted net income of C$41.24 million for the quarter ended November 30, 2024, an increase of 23% compared to the adjusted net income of C$33.47 million recorded in the corresponding quarter of the previous year.

Hut 8 Corp (HUT.TO) tumbled 10%. Nutrient (NTR.TO) is down 3.2% and Air Canada (AC.TO), Stelco Holdings (STLC.TO), Bombardier Inc (BBD.B.TO), BRP Inc (DOO.TO) and Magna International (MG.TO) are down 2 to 3%.

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