The Canadian market is experiencing modest gains as of late Tuesday morning, primarily driven by robust performance in the healthcare, consumer staples, and financial sectors. Despite the positive trends, investor sentiment remains cautious ahead of the Federal Reserve's policy announcement and impending key economic data from both the U.S. and Canada.
The S&P/TSX Composite Index has increased by 52.42 points, or 0.23%, reaching 22,831.99 just before noon.
In the healthcare sector, Tilray Inc. (TLRY.TO) stands out with an impressive surge of nearly 10%. Bausch Health Companies (BHC.TO) has risen by about 1%, while Chartwell Retirement Residences (CSH.UN.TO) and Sienna Senior Living (SIA.TO) have made modest gains.
Among consumer staples, George Weston (WN.TO) has seen a 1.3% uptick following strong quarterly results. The company reported adjusted net earnings of $394 million for the second quarter, up $17 million, or 4.5%, compared to the same period last year.
Primo Water Corp. (PRMW.TO) and Loblaw (L.TO) have climbed 1.5% and 1%, respectively. Alimentation Couche-Tard (ATD.TO), Metro Inc. (MRU.TO), and The North West Company (NWC.TO) have each gained between 0.7% and 0.9%.
In the financial sector, Toronto-Dominion Bank (TD.TO), Laurentian Bank (LB.TO), Bank of Nova Scotia (BNS.TO), Royal Bank of Canada (RY.TO), Sun Life Financial (SLF.TO), Canadian Western Bank (CWB.TO), and Canadian Imperial Bank of Commerce (CM.TO) are all seeing gains ranging from 1% to 1.7%.
Conversely, Bank of Montreal (BMO.TO) has declined by 4.7% following a downgrade from RBC Capital Markets, which lowered the stock's rating to "sector perform" from "outperform," and reduced the price target to C$118 from C$124.
On the downside, Celestica Inc. (CLS.TO), Constellation Software (CSU.TO), and TerraVest Industries (TVK.TO) have fallen between 1.2% and 1.7%.
