On Thursday afternoon, the Canadian stock market is witnessing moderate gains, primarily driven by robust performances in the energy sector. Notably, utilities, consumer staples, and materials stocks are also making significant advances.
Meanwhile, the technology sector is experiencing a pullback due to profit-taking following recent strong performances.
The S&P/TSX Composite Index has risen by 121.99 points, representing a 0.49% increase, bringing it to 25,111.01.
The Energy Capped Index has surged by 2.22%. Paramount Resources (POU.TO) has seen an impressive 17% rise following the announcement of a deal with Ovintiv Inc. and its subsidiary, in which Ovintiv will acquire Paramount's Karr, Wapiti, and Zama properties for $3.325 billion in cash along with some properties in Horn River Basin.
Other energy sector performers include Vermilion Energy (VET.TO), Kelt Exploration (KEL.TO), and Nuvista Energy (NVA.TO), which have posted gains of 6%, 5.8%, and 5%, respectively. Stocks like Baytex Energy (BTE.TO), Parex Resources (PXT.TO), Suncor Energy (SU.TO), Veren Inc (VRN.TO), Athabasca Oil Corporation (ATH.TO), and Precision Drilling Corporation (PD.TO) have reported increases ranging between 2.7% and 4%.
In the materials sector, Novagold (NG.TO) has increased by more than 8%, and First Majestic Silver (AG.TO) is up 6.3%. Companies such as Lundin Mining (LUN.TO), Fortuna Silver Corp (FVI.TO), New Gold (NGD.TO), Calibre Mining Corp (CXB.TO), Capstone Mining (CS.TO), and MAG Silver Corp (MAG.TO) have seen gains between 3.5% and 4.7%.
Seabridge Inc (SEA.TO) is up 3.7% despite reporting a net loss of $27.6 million, or $0.31 per share, for the third quarter, compared to a net loss of $5.3 million, or $0.06 per share, during the same period last year.
On the downside, the technology sector is facing declines, with Computer Modelling Group (CMG.TO) falling by 6.7% and CGI Group (GIB.A.TO) decreasing by 5.2%. Other tech firms like Dye & Durham (DND.TO), Open Text Corp (OTEX.TO), Shopify Inc (SHOP.TO), Bitfarms (BITF.TO), Enghouse Systems (ENGH.TO), Docebo Inc (DCBO.TO), Coveo Solutions (CVO.TO), Descartes Systems Group (DSG.TO), and Kinaxis Inc (KXS.TO) have experienced decreases between 3% and 4.5%.
Keyera Corporation (KEY.TO) is down 1.2% following reports of net earnings of $184.6 million for the quarter ending September 30, 2024, compared to $78.1 million in the same quarter of the previous year.
Canadian Utilities Limited (CU.TO) has posted adjusted earnings of $102 million or $0.38 per share for the third quarter of 2024, marking a $15 million increase from $87 million or $0.32 per share in the third quarter of 2023, resulting in marginal stock growth.
ATCO Limited (ACO.X.TO) is up by 1.5%, reporting adjusted earnings of $91 million or $0.81 per share for this year's third quarter, showing an increase of $10 million from $81 million or $0.71 per share in the same quarter of 2023.
Enerflex Limited (EFX.TO) has surged by 5% after announcing net earnings of $30 million for the quarter ending September 30, 2024, in contrast to $4 million in the corresponding quarter last year.
