Canadian Market Modestly Higher;BlackBerry Soars 15% On Results

2024-06-19 1725
(fxcue news) - Canadian stocks are modestly higher Thursday morning, led by gains in energy, real estate, materials and technology sectors. With the focus on U.S. PCE data, due on Friday, the mood in the market is somewhat cautious. The benchmark S&P/TSX Composite Index is up 75.57 points or 0.35% at 21,869.47 about half an hour before noon. On the economic front, data from Statistics Canada showed that average weekly earnings of non-farm payroll employees in Canada increased by 3.7% year-on-year to $1,240 in April, slowing from a 4.2% growth in the previous month. The Energy Capped Index is up nearly 1%. Kelt Exploration, up 2.3%, is the top gainer in the Index. Athabasca Oil Corp (ATH.TO), Baytex Energy (BTE.TO), Headwater Exploration (HWX.TO), Precision Drilling Corporation (PD.TO), Imperial Oil (IMO.TO), Pason Systems (PSI.TO) and Canadian Natural Resources (CNQ.TO) are gaining 1.3 to 2%. Real estate stocks CDN Apartment (CAR.UN.TO), Altus Group (AIF.TO), Colliers International (CIGI.TO), Smartcentres Real Estate (SRU.UN.TO) and Killam Apartments (KMP.UN.TO) are up 1 to 1.8%. In the materials section, Novagold (NG.TO) is soaring nearly 8%. Kinross Gold (K.TO), New Gold (NGD.TO), Osisko Mining (OSK.TO), Torex Gold Resources (TXG.TO) and Lundin Gold (LUG.TO) are gaining 2 to 3.6%. In the technology sector, BlackBerry (BB.TO) is up with a hefty gain of 15% on stronger than expected quarterly results. BlackBerry reported an adjusted net loss of 3 cents per share for the quarter ended May 31, compared with analysts' average estimate of a loss of 4 cents. The company expects second-quarter revenue in the range of $136 million to $144 million, whose mid-point is below analysts' estimate of $142.4 million. Hut 8 Corp (HUT.TO) is rising more than 8%. Dye & Durham (DND.TO) and Tecsys Inc (TCS.TO) are up 4.7% and 4%, respectively.
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