Canadian Market Marginally Higher; Corus Entertainment Up Sharply On Results

(RTTNews) - The Canadian market is modestly higher Tuesday afternoon, led by gains in energy and consumer discretionary shares. The mood remains positive with investors looking ahead to some crucial economic data from either side of the border.

The benchmark S&P/TSX Composite Index is up 53.30 points or 0.26% at 10,198.55. The index, which opened marginally up, briefly dropped towards the flat line before edging higher again.

Tourmaline Oil Corp (TOU.TO) is rising 4%. Arc Resources (ARX.TO) is gaining 3.5%, while Enerplus Corp (ERF.TO), Vermilion Energy (VET.TO), Cenovus Energy (CVE.TO) and Canadian Natural Resources (CNQ.TO) are up 1 to 2%.

Consumer discretionary stocks Gildan Activewear (GIL.TO) and Canada Goose Holdings (GOOS.TO) are up 4.5% and 3%, respectively. Aritzia Inc (ATZ.TO) is gaining more than 2%, while Sleep Country Canada Holdings (ZZZ.TO) is up 1.25%.

Manulife Financial Corporation (MFC.TO) said it remains committed to its medium-term targets and has a clear path to delivering 10 to 12% annual Core earnings per share growth. The company said it plans to generate 75% of total core earnings from highest potential businesses by 2025. The stock is down marginally.

Corus Entertainment Inc. (CJR.B.TO) shares are up nearly 6.5% after the company reported a profit of $40.7 million or 19 cents per share in the quarter ended May 31, 2021, compared with a loss of $752.3 million or $3.61 per diluted share a year ago when it recorded $786.8 million in broadcast licence and goodwill impairment charges.