Canadian Shares Remain In Positive Territory After Buoyant Start
By RTTNews Staff Writer ✉ | Published: 7/6/2020 12:25 PM ET
Despite paring a significant portion of its early gains, the Canadian market was up firmly in positive territory Monday noon.
Stocks opened on a bright note, tracking gains in global markets after China's Securities Times said fostering a "healthy" bull market after the coronavirus pandemic is now more important to the economy than ever.
Recent upbeat jobs data from the U.S. too contributed to the firm start. Lingering worries about a surge in coronavirus infections in recent weeks continue to weigh on sentiment.
The benchmark S&P/TSX Composite Index, which rose more than 200 points to 15,797.01, was up 106.13 points or 0.68% at 15,702.88 about a quarter past noon.
Healthcare, information technology and consumer discretionary stocks are among the most prominent gainers. Several stocks from materials, financial and industrial sections also moved up sharply. Energy stocks were mixed.
Ballard Power Systems (BLDP.TO) gained nearly 8% on strong volumes. Manulife Financial Corporation (MFC.TO) moved up 2.8%, while Franco-Nevada Corp (FNV.TO), Shopify Inc. (SHOP.TO), Canadian Pacific Railway (CP.TO), Kinross Gold Corp (K.TO), Barrick Gold Corp (ABX.TO) and Suncor Energy (SU.TO) were up 1.5 to 1.8%.
Canadian Imperial Bank of Commerce (CM.TO), Bank of Montreal (BMO.TO) and Royal Bank of Canada (RY.TO) gained nearly 1%.
Canadian Natural Resources (CNQ.TO) declined 3.3%. Bank of Nova Scotia (BNS.TO) shed about 1.85% and Air Canada (AC.TO) was lower by 1.6%. Enbridge Inc. (ENB.TO) and TC Energy (TRP.TO) were down 1.4% and 1.05%, respectively.
Cineplex Inc. (CGX.TO) shares were down by about 0.4%. The company has filed a lawsuit in Ontario Superior Court against its former suitor Cineworld Group PLC, seeking damages over the U.K. company's failed acquisition that could exceed the $2.18 billion outstanding on the deal. Cineplex has detailed what it claims was "a case of buyer's remorse" on the part of the U.K. company in the middle of a pandemic that's seen cinemas across the world unable to operate.
Cineworld walked away from the $2.8-billion deal on June 12, saying it had become aware of a material adverse effect and breaches by the Toronto-based company.
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