Canadian Market Remains In Positive Territory As Energy Stocks Hold Gains

(RTTNews) – The Canadian market remains firmly in positive territory Tuesday afternoon despite paring some early gains.

Sustained buying at several counters in energy, financials, communications and consumer sectors contribute to market’s positive display today.

Data showing a smaller than expected increase in U.S. consumer prices has helped ease concerns about outlook for interest rate hikes. The People’s Bank of China’s surprise decision to cut its benchmark rate by 25 basis points is also aiding sentiment.

The benchmark S&P/TSX Composite Index, which climbed to 20,099.24 earlier in the session, is currenly up 68.02 points or 0.34% at 19,989.33.

In the energy sector, Precision Drilling Corp (PD.TO) and Advantage Oil & Gas (AAV.TO) both are gaining more than 3.5%. Athabasca Oil Corp (ATH.TO), Whitecap Resources (WCP.TO), Vermilion Energy (VET.TO), Canadian Natural Resources (CNQ.TO), PrairieSky Royalty (PSK.TO), Baytex Energy (BTE.TO) and Crescent Point Energy (CPG.TO) are up 2.5 to 3%.

Among communications shares, Cogeco Communications (CCA.TO) and Quebecor Inc (QBR.B.TO), both are gaining about 1.7%.

In the financials section, CI Financial Corp (CIX.TO), IA Financial Corp (IAG.TO), Igm Financial (IGM.TO), Trisura Group (TSU.TO), Bank of Montreal (BMO.TO), Onex Corp (ONEX.TO), Toronto-Dominion Bank (TD.TO) and National Bank of Canada (NA.TO) are gaining 1.3 to 2.4%.

In the consumer discretionary sector, BRP Inc (DOO.TO) and Magna International (MG.TO) are gaining 3.75% and 3.1%, respectively. Linamar Corp (LNR.TO), Aritzia Inc (ATZ.TO) and Candian Tire Corporation (CTC.A.TO) are also notably higher.