Canadian Market Modestly Higher; Technology, Financials Shares Move Up
(RTTNews) - The Canadian market is modestly higher a little before noon on Monday, led by gains in technology, financials, energy and consumer staples sections.
The mood is a bit positive amid slightly easing concerns about banking crisis after the U.S. Federal Deposit Insurance Corporation (FDIC) said First Citizens BancShares has entered into a loss-share transaction for all deposits and loans of Silicon Valley Bank (SVB).
Remarks by U.S. Fed officials that there is no indication that financial stress is worsening also contribute to the positive sentiment in the market.
The benchmark S&P/TSX Composite Index is up 41,69 points or 0.21% at 19,543.18 a few minutes before noon.
Technology stocks Nuvei Corp (NVEI.TO) and Constellation Software (CSU.TO) are gaining 2% and 1.5%, respectively. Softchoice Corp (SFTC.TO), Kinaxis Inc (KXS.TO), Descartes Systems Group (DSG.TO) and Payfare Inc (PAY.TO) are also notably higher.
Energy stocks Cenovus Energy (CVE.TO), Imperial Oil (IMO.TO) and Baytex Energy Corp (BTE.TO) are up 1 to 1.5%.
In the consumer staples sector, Loblaw (L.TO) is gaining about 1.2%. Weston George (WN.TO) and The North West Company Inc (NWC.TO) both are up nearly 1%, while Metro Inc (MRU.TO) is advancing 0.8%.
Financials shares Toronto-Dominion Bank (TD.TO), Bank of Nova Scotia (BNS.TO), Laurentian Bank (LB.TO), Bank of Montreal (BMO.TO) and Sun Life Financial (SFC.TO) are up 0.7 to 1.2%.
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