Canadian Market Climbs Higher;Energy, Materials Shares Rally

(RTTNews) - The Canadian market is up firmly in positive territory around noon on Thursday, led by strong gains in energy and materials sectors thanks to firm crude oil and bullion prices.

After five successive days of losses, the market had ended on a firm note on Wednesday. The benchmark S&P/TSX Composite Index is up 96.28 points or 0.46% at 20,865.44 at noon.

The Capped Energy Index is climbing nearly 3%. Enerplus Corp (ERF.TO), Parex Resources (PXT.TO), Arc Resources (ARX.TO), Vermilion Energy (VET.TO), Crescent Point Energy (CPG.TO), PrairieSky Royalty (PSK.TO), Tourmaline Oil Corp (TOU.TO), Cenovus Energy (CVE.TO) and Imperial Oil (IMO.TO) are up 3 to 5.4%.

The Capped Materials Index is up 2.7%. Pan American Silver Corp (PASS.TO), MAG Silver Corp (MAG.TO), Silvercorp Metals (SVM.TO) and Silvercrest Metals (SIL.TO) are up 7 to 8%.

Oceanagold Corp (OGC.TO), Sandstorm Gold (SSL.TO), Equinox Gold Corp (EQX.TO), Kinross Gold (K.TO), Torex Gold Resources (TXG.TO) and B2Gold Corp (BTO.TO) are gaining 5 to 6%.

According to the report released by Automatic Data Processing Inc., employment in Canada rose for a fourth successive month. The private sector saw an addition of 231,800 jobs in November of 2021 compared to 46,200 in October.

Data released by Statistics Canada showed wholesale sales in the country rose by 1.4% month-over-month to C$ 72.5 billion in October, consistent with preliminary estimates.