Canadian Market Modestly Higher, Looks Headed For A Firm Close

(RTTNews) - The Canadian market is modestly higher Thursday afternoon with gains in materials and energy sectors contributing to the rise. The mood remains positive with investors reacting to the European Central Bank's rate cut move, and optimism about interest rate reductions from the Federal Reserve and the Bank of Canada.

The benchmark S&P/TSX Composite Index is up 107.13 points or 0.44% at 24,668.33 with a little over an hour to go for the closing bell.

Onex Corporation (ONEX.TO), Cameco Corporation (CCO.TO), RB Global (RBA.TO), Atkins Realis (ATRL.TO) and Brookfield Asset Management (BAM.TO) are up 2 to 3.1%.

Imperial Oil (IMO.TO), Descartes Systems Group (DSG.TO), Franco-Nevada Corporation (FNV.TO), Boyd Group Services (BYD.TO) and Colliers International (CIGI.TO) are gaining 1 to 1.7%.

Among the losers, Pollard Banknote (PBL.TO) is down 4.2%. Ero Copper (ERO.TO), Parkland Corporation (PKI.TO), Ag Growth International (AFN.TO), Labrador Iron Ore (LIF.TO) and TFI International (TFII.TO) are also notably higher.

Canopy Growth Corporation (WEED.TO) announced today that it has made early prepayment on its senior secured term loan equal to $100 million at a discounted price of $97.5 million. Canopy expects that the prepayment will reduce its annualized interest expense by about $14 million. The stock is up 0.7%.

BRP Inc. (DOO.TO) is gaining about 0.7%. The company announced today that it will sell its Marine businesses namely Alumacraft, Manitou, Telwater, and Marine parts, accessories and apparel. BRP said this process excludes all activities related to its Sea-Doo personal watercraft, Sea-Doo Switch pontoons and jet propulsion systems.